AstraZeneca signs $5 billion research deal with China's CSPC
(Reuters) -AstraZeneca has signed a research agreement worth more than $5 billion with Chinese drugmaker CSPC Pharmaceutical Group, the Anglo-Swedish drugmaker said on Friday.
The deal marks the latest effort by AstraZeneca to revive its business in China, where it has faced several challenges including the arrest of its China president last year and potential fines related to imports.
Under the agreement, the two companies will collaborate to discover and develop pre-clinical candidates for potential treatments targeting chronic diseases, with CSPC conducting AI-driven research in Shijiazhuang City.
Cambridge, UK-based AstraZeneca will pay CSPC an upfront fee of $110 million. The Hong Kong-listed firm is also eligible to receive up to $1.62 billion in development milestones and $3.6 billion in sales-related milestones, AstraZeneca said.
In March, AstraZeneca announced plans to invest $2.5 billion in a research and development hub in Beijing, as it works to rebuild trust in its second-largest market.
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Yahoo
31 minutes ago
- Yahoo
VivoPower Closes First Phase of US$121 Million Private Placement
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The private offering was made only to persons other than 'U.S. persons' in compliance with Regulation S under the Securities Act of 1933, as amended (the 'Securities Act'). Any securities described in this press release have not been registered under the Securities Act and may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) except in transactions registered under the Securities Act or exempt from, or not subject to, the registration requirements of the Securities Act and applicable U.S. state securities laws. Any share issuance under Regulation S cannot be sold for at least 40 days post registration and consummation of the transactions contemplated hereby are conditioned upon the sale and purchase agreements (Subscription Agreements) not having been validly terminated in accordance with their terms, which include but are not limited to material adverse change for the Company including in relation to its securities, delisting or suspension of the Company's shares and non-performance of obligations by either the Company or the investors. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction. About VivoPower VivoPower International PLC (NASDAQ: VVPR) is undergoing a strategic transformation into the world's first XRP-focused digital asset enterprise. 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Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower's management's current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower's business. 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Forbes
32 minutes ago
- Forbes
Silicon Valley's Leadership Lessons
Leadership lessons from Silicon Valley for future readiness Mature organizations lose their vitality. Complex organizations lose their responsiveness. Successful incumbent market leaders, because they are typically both mature and complex, lose their charm, and become endangered. Not surprisingly, there has long been a search for ways to restore vigor and zest to such organizations. Inevitably, when such discussions arise, the success of Silicon Valley is cited as an alternative example of both energy and imagination; of being able to move fast and change things in a big way. The recent DOGE (Department of Government Efficiency) initiative is one such effort. The advertised idea was to learn from the 'new economy,' and apply those lessons learned to large, bureaucratic, government agencies. That this does not appear to have happened is probably due more to chaotic execution and the mischief of ideologues than to a failure in the promise of Silicon Valley as an organizing inspiration for the rest of us. Not entirely coincidentally, the UK's Advanced Research and Invention Agency (ARIA) is another example. Inspired, in part, by the American Defense Advanced Projects Research Agency (DARPA), which, established in 1958 in response to the Soviet Union's Sputnik, has continually played an influential role in Silicon Valley successes, ARIA's American born Ilan Gur sees his organization as a means of supporting UK innovation, which he refers to as a 'tightly wound spring that's ready to release'. What is it, then, about Silicon Valley that leads it to be seen as a source of managerial lessons for organizational success, and what might those lessons be? To answer these questions, I took the opportunity to interview an old friend and IMD colleague, Jim Pulcrano, engineer, entrepreneur, academic, and who for over 25 years has been an observer of Silicon Valley's inner workings, leading more than 80 executive explorations of the Valley in search of such lessons. What follows is a sense of what leadership lessons Silicon Valley might offer those of us who work in mature, old-economy, industries, and especially those of us associated with successful, incumbent, market-leaders, in such industries: Thinking Differently Jim Pulcrano: I think that the Silicon Valley lessons all begin with one word: '"urgency." Mature firms often become comfortable—they've grown strong, built moats, have big balance sheets. But that comfort is a trap. Silicon Valley thrives on discomfort. Everyone there is asking, 'What's next?' and 'How fast can I disrupt myself before someone else does?' Bill Fischer: And how does that urgency manifest itself? Pulcrano: Through relentless questioning. The best innovators don't start with answers—they start with better questions. What if we made a 10X improvement, not 10%? What if we killed our core product before someone else did? What if our future doesn't look like our past? Fischer: This is a dramatically different way of thinking than we typically see in more traditional organizations. Pulcrano: Revitalization requires daring and courage. Mature companies often cling to what worked in the past; the leaders usually built their legacies on products and systems that have outlived their utility and should be disrupted. In contrast, Silicon Valley is all about 'dream big or stay home.' It teaches us that innovation isn't about fine-tuning yesterday's model—it's about asking bold, even uncomfortable, questions. That culture of relentless curiosity that we hear about so often; it's gold. Fischer: So, it's about more than simply having a flashy R&D team? Pulcrano: Exactly. You need a network that nourishes innovation—not just exploits it. One important lesson is that in the Valley geographic proximity makes a difference. Everything is tightly packed together: venture capital, prototyping labs, universities, and legal experts. Ideas bounce around fast. That 'proximity stew' keeps innovation alive. For incumbents, the question becomes: how do we recreate that bubbling ecosystem internally? In a mature company, you've got to mimic that intensity. Create idea collisions. Flatten silos. Interest engineers in talking to marketers, finance to R&D. In Silicon Valley, the network is the superpower. People move freely—from startup to corporate, from VC to academia, then back. The real learning happens in the spaces between. Incumbents need to stop thinking in organizational charts and start thinking in ecosystems. Who do your innovators know outside your organization? What cross-pollination is happening? Who is the go-to person on X? Are you one of them? Leadership lessons Fischer: how different is the practice of leadership in such organizations? Pulcrano: First, leaders must normalize failure. In the Valley, failing fast and moving on is a badge of honor. Max Levchin, Elon Musk's Paypal cofounder, struggled with his first four startups struggled (and mostly failed). The fifth was PayPal. Most legacy firms? They'd have fired him after the second flop. Fischer: Failure becomes data? Pulcrano: Exactly. In the Valley, failure isn't the opposite of success—it's part of the process. That's a cultural shift. Leaders must model that by sharing their own missteps. Celebrate intelligent risk-taking, not just polished outcomes. Nobody wants to fail, it's f**king awful, but if you're trying to do something new, whether it be the technology, the business model or some combination, failure is likely, so learn from it. Second, diverse thinking isn't a bonus—it's a baseline. The best decisions in VC firms often come after heated debates. The VC firm Greylock Partners has even studied this—their biggest wins were investments that triggered the fiercest internal arguments. So if your executive team always agrees, you're in trouble. Fischer: That's quite a departure from many boardrooms; it reminds me of the adage: 'polite teams get polite results.' Pulcrano: It is. And that leads to another principle: permissionless innovation. In the Valley, junior people prototype without asking for five layers of approval. Those prototypes could be products or sales models. Leaders should ask themselves: "Am I enabling action, or am I an obstacle?" Fischer: What does that look like in practice? Pulcrano: One example is Google X. When a moonshot project failed—after years and millions invested—the team that shut it down got a bonus. Why? Because they made the right call. They stopped something that wasn't going to work and freed resources for better bets. Does Culture Really Eat Strategy for Breakfast? Fischer: Peter Drucker famously told us that 'culture eats strategy for breakfast,' so I'm interested in what you think about organizational culture, and how important it is for success in Silicon Valley? Pulcrano: A few things about culture: First: optimism. Even when Silicon Valley Bank [SVB] collapsed, in 2023, the Valley shrugged and poured money into AI startups the next week. That attitude? 'What if it works?'—it's infectious. Second: role models. Everyone in the Valley knows someone who built something, or at least tried. That proximity to success makes ambition feel doable. Third: constructive promiscuity. At a typical Valley barbecue, people swap business cards before burgers. It's not impolite—it's expected. Fischer: Am I right in thinking that the way you see it in Silicon Valley is that a lot of culture is tactical? Pulcrano: In the Valley, it's curiosity and opportunity rolled together. Everyone is 'on the make' always, but everyone is also looking to help, invest, and collaborate. That ethos is powerful. But it can fade—especially as wealth accumulates, risk aversion creeps in, and firms become protectionist. What does the Future of Silicon Valley Look Like? Fischer: I'm in interested in how durable these lessons might be? Silicon Valley has dominated for over fifty years. But can it continue? What might the next fifty look like? Pulcrano: That's a provocative question. I'm optimistic, but cautiously so. Silicon Valley's strength has always been reinvention. Semiconductors, personal computing, the internet, biotech, social media, AI—wave after wave. Each time, it adapted. But now? Fischer: You're not convinced? Pulcrano: I'm seeing signs of incumbent behavior. Some of the giants—Google, Meta, Apple—are acting like the very firms they once disrupted. Risk-averse. Bureaucratic. More lawyers than engineers. That's worrying. Fischer: So, what would it take to stay relevant? Pulcrano: It needs fresh blood. And that's under threat. Immigration policies, visa restrictions—they're slowing down the global talent pipeline. Remember, 60% of the Valley's tech workforce isn't U.S.-born. Choke that off, and the Valley stops breathing. Fischer: So, the magic is in the mix? Pulcrano: Always has been. People come not just from Harvard and MIT, but from India, China, Nigeria, Slovenia. They bring their ambitions, the chips on their shoulders. That stew of dreams and hunger—that's Silicon Valley's secret sauce. Fischer: Can other regions replicate the magic of Silicon Valley? Pulcrano: Not exactly, but they can recreate parts of it. You need three ingredients: talent, money, and ideas, and they must come together efficiently. But it's the efficiency with which you mix them that makes the difference. Fischer: That efficiency being? Pulcrano: Access. In the Valley, the customer, the VC, the tech shop, the legal expert—they're all accessible within 30 minutes. You pitch an idea at breakfast, and prototype it by dinner. That's hard to reproduce in sprawling ecosystems or hierarchical, process-driven multinationals. Fischer: How can incumbents inside large firms imitate that? Pulcrano: Start small. Create internal innovation hubs where people are free to experiment. Kill bureaucracy. Protect intrapreneurs. Build a real network of mentors. Most importantly, ensure sharing and success are incentivized. If ideas stay locked in departments, or behind IP walls, you've already lost. Final Thoughts Fischer: This has all been very interesting! If you could leave our readers with one challenge—especially leaders in mature firms—what would it be? Pulcrano: Ask yourself: 'Am I creating a space where innovation is possible, or merely tolerated?' Then look around. If your team is afraid to disagree, if failure is punished, if new ideas die in PowerPoint—your culture needs rewiring. And, if you are wondering whether you need to go to California to do this: you don't. The Valley isn't a place—it's a mindset. You just need to think like a rebel—and surround yourself with others who will, too.
Newsweek
41 minutes ago
- Newsweek
Kroger To Close 60 Stores Across US: What To Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Kroger announced plans to close 60 of its supermarkets across the United States over the next 18 months, representing about 5 percent of the Cincinnati-based company's 1,239 Kroger-branded grocery stores across 16 states. The popular grocery retailer revealed the closure plans while reporting first-quarter earnings on Friday but has not specified which store locations will be affected or released a list of impacted stores. Newsweek reached out to Kroger on Saturday via email for comment. Why It Matters Companies close store locations for various reasons. While shifts in consumer shopping behavior and lower demand can cause stores to close, corporations often choose to shutter underperforming locations. Sales dropped slightly to $45.1 billion compared to $45.3 billion for the same period a year earlier according to Kroger earnings data. The move comes as grocery retailers nationwide face mounting pressures from changing consumer habits, inflation, and increased competition from discount chains and online retailers. More than 2,500 store closures are planned across the U.S. this year, according to The Mirror. What To Know Kroger expects the 60 store closures to provide a modest financial benefit to the company, according to a regulatory filing. In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closings. The company indicated that resulting savings will be reinvested into customer experience initiatives across remaining locations. The closures affect Kroger's extensive footprint spanning 16 states, though the company has remained tight-lipped about specific locations. The grocery retailer told CBS MoneyWatch that it will not be releasing a list of the affected stores. This lack of transparency has left employees and customers uncertain about which communities will lose their local Kroger. However, Kroger says it is committed to supporting displaced workers. All employees at affected stores will be offered roles at other Kroger store locations, though details about relocation assistance or wage protection remain unclear. The timing coincides with broader challenges facing traditional grocery retailers. Many chains are grappling with rising operational costs, changing shopping patterns accelerated by the pandemic, and fierce competition from warehouse clubs, dollar stores, and e-commerce platforms. FILE - This June 17, 2014, file photo, shows a Kroger store in Houston. Kroger Co. FILE - This June 17, 2014, file photo, shows a Kroger store in Houston. Kroger Co. AP Photo/David J. Phillip What People Are Saying Kroger company statement: "As a result of these store closures, Kroger expects a modest financial benefit. Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance." Director of Media Relations/Corporate Communications Erin Rolfes told Newsweek in an email response: "In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, previously told Newsweek: "For some major retailers, 2025 is becoming a year of consolidation. Retail locations that have struggled in recent years to remain profitable due to rising costs and less demand are being shuttered, as companies focus their efforts on more successful stores. The hope is these closures will ultimately produce more fiscal and operational efficiency, but it will come at the cost of customers who favored these locations having fewer options." Michael Ryan, a finance expert and the founder of previously told Newsweek: "These aren't random casualties; they're strategic amputations of unprofitable limbs to save the corporate $15+ minimum wages to supply chain inflation, all crushing their razor-thin margins. Combine this with the march of e-commerce and changing consumer habits post-pandemic, physical retail becomes a luxury many companies can no longer afford." What Happens Next The 18-month closure timeline suggests Kroger will implement the plan gradually, though specific dates and locations remain undisclosed.
