Mubadala Invests $234M in Drug Discovery Firm Evotec
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14 oCToBER 2020 | 27 SAFAR 1442 HIJRI | VoLUME No. 08 | ISSUE 61 /emiratesbusiness.ae @emi_business emirates-business.ae oP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0352 B r e n t Crude $42.39/bbl buLLION new Zealand gives us a lesson in ‘democracy’ Abu Dhabi - ADX 4,545.18 EuRo 4.3520 CHF 4.0795 WTI Crude $40.24 /bbl America’s deeply decentralised system best explains why the right to vote is now being treated as a political bloodsport, writes GBP 4.8116 CAD 2.8278 N a t u r a l G as $2.85 /MMBtu Dubai - DFM 2,237.36 DaviD Fickling PRECIOUS METALS EuroPE PAGE 07 New york - NYA 13,215.61 EXCHANGE RATE Sri Lankan Rs 50.04 Gold $1,896.50/t oz uK government split over carbon market after Brexit Indian Rs 19.86 Philippine Peso 12.98 Gold-Dubai AED229.75/gm Buy for London - UKX 5,969.71 Bangladesh Taka 22.32 (AED) 26,798.64 British Chancellor Rishi Sunak’s Treasury is pushing to replace the Pakistani Rs 43.87 Silver $24.30/t oz EU’s cap-and-trade system with an economy-wide carbon tax Wednesday Price UAE: AED 2 UAE’s clear Covid-19 strategy is heavy rains in BangLadesh a global model, says Al Shamsi NCEMA director general said despite pandemic that hit all nations, Emirates has proven its effective handling of crisis Abu DhAbi / WAM The UAE has The Director-General of the demonstrated how having National Emergency Crisis a clear strategy and and Disasters Management handling the imminent Authority (NCEMA) Obaid Rashid Al Shamsi, has said danger of Covid-19 with that the UAE is a pioneering professionalism, has global model in the way it re - allowed it to contain sponded to the pandemic, its repercussions thanks to the government's danger with professionalism, foresight and proactive ap - has allowed it to contain its proach in managing the crisis. repercussions. globally," he added. In a speech on the occasion "On International Day for He went on to say that of International Day for Disaster Reduction, we are having a clear strategy, that Disaster Reduction, Al proud to be among the relies on communication Shamsi said that while the ranks of developed nations and coordination, with no pandemic ravaged many in our response to crises," he room for rivalry, opposition countries around the world, said. "The UAE has become a or dissonance, has allowed Commuters and pedestrians get stuck after Dhaka’s Green Road left waterlogged following heavy rains in Bangladesh. The incessant showers the UAE has demonstrated pioneering model and its the UAE to rise to the fore - over the past one month and consequent flooding have not only flattened the crops and inundated agricultural fields and roads, but have how having a clear strategy achievements are being wit - front of effective decision- also pushed many farmers to the brink of starvation —DPA and handling this imminent nessed by all regionally and making. page 2 MuBadaLa investMent Company has a long-standing history of strategic investments in the healthcare sector Covid-19: MBZ Fund to help wildlife conservation groups Abu DhAbi / WAM grassroots conservation or - Mubadala invests $234m in ganisations whose finances The Mohamed bin Zayed have been impacted by the Species Conservation Fund pandemic. (MBZ Fund) on Tuesday an - To help organisations drug discovery firm Evotec nounced it will expand its avoid layoffs, cutbacks, or grant-making criteria to ceasing operations com - help partners meet core pletely, the MBZ Fund will While the Abu Dhabi-based company will subscribe to 5.6% of Evotec’s outstanding emergency operating needs enable grassroots organisa - precipitated by the Covid- tions on frontlines to apply shares, Novo is also investing $58.72m to support German firm’s accelerated growth 19 crisis. The move aims to relief grants of up to ensure the survival of small, $25,000. page 2 Abu DhAbi / WAM n Evotec resolved a Mubadala Investment Company on Tuesday announced that it is capital increase from pumping 200 million euros into its authorised capital Evotec SE, a German pharma - without pre-emptive ADX amends securities ceutical company that spe - rights against cash cialises in drug discovery lending, borrowing rules solutions. Evotec SE said that it resolved n Evotec will issue a total Abu DhAbi / WAM a capital increase from its au - of 11,478,298 new thorised capital without pre- Abu Dhabi Securities Ex - emptive rights against cash. shares to Mubadala change (ADX) on Tuesday an - Evotec will issue a total of and Novo Holdings, nounced the launch of its 11,478,298 new shares to increasing Evotec’s latest investment service Mubadala Investment Company cash reserves “Covered Short Selling” (CSS) and Novo Holdings A/S, increas - Evotec has continuously expanded its operations internationally with more than 3,400 to support the exchange’s employees at 14 global sites in Germany, the US, France, Italy, the UK, and Austria € ing Evotec’s cash reserves by by 250mn in total strategy of diversifying invest - The ‘Covered Short €250 million in total. ment and providing investors Selling’ will attract a new In this private placement capi - We will work with the company and its shareholders global sites in Germany, the US, with a broader range of hedg - segment of specialised tal increase, Mubadala Invest - to support Evotec’s strategic growth both through this France, Italy, the UK, and Austria. ing mechanisms. By doing so, ment Company, a sovereign By leveraging its proprietary it will attract a new segment and experienced investor with an entrepreneurial investment and our extensive institutional network platforms within a comprehen - of specialised and experi - investors, driving both mind-set and a long-standing Camilla Macapili Languille, sive network of high-value part - enced investors, driving both liquidity and trading history of strategic investments Head of Pharma & Medtech at Mubadala Investment Company nerships, Evotec aims to improve liquidity and trading volumes. volumes on the ADX in the healthcare sector, will in - global access to more precise and The launch of CSS comes vest €200 million ($234.88 mil - effective medicines. Future invest - after Securities and Commodi - lion) to subscribe for approx. 5.6 and to reinforce its ownership of innovative first-in-class and ments will accelerate Evotec’s ties Authority (SCA) approved volves investors selling % of outstanding Evotec shares. in the company of approx. best-in-class therapeutic ap - underlying business strategy ADX’s covered short-selling shares in a specific company Evotec’s existing shareholder 11.0% of outstanding shares. proaches resulting in a large co- and enable the company’s next guidelines, which enable in - that they do not own at the Novo Holdings A/S also will in - Evotec has developed a unique owned pipeline. Evotec has strategic growth phase. vestors to sell borrowed secu - time, but which they believe vest €50 million ($58.72 mil - strategy to become the global continuously expanded its oper - rities or financial securities to be over-valued, which cre - lion) to support Evotec’s leading platform company for the ations internationally with more nFor full story, read pledged for return to lenders. ates an obligation to buy accelerated growth ambition modality-agnostic development than 3,400 employees at 14 emirates-business.ae Covered short selling in - them in the future. World economy faces Union Properties posts AED509m Global oil demand to recover to uneven recovery: IMF profit in Q3 2020 pre-pandemic levels in 2023: IEA BlooMBerg DubAi / WAM The International Monetary Union Properties an - The Paris-based agency said long-term growth in oil demand Fund (IMF) warned that the nounced on Tuesday its will be tamed by the switch to more efficient or electric vehicles world economy still faces an financial results for the uneven recovery until the three-month period ended BlooMBerg coronavirus is tamed even as on September 30, with a net The IEA reinforced its it offered a less-dire view of profit of AED509.2 million The oil market will suffer a long- view that global oil this year’s recession following The IMF forecasts world (approximately 12 fils per lasting blow from the coron - demand will plateau massive stimulus from central GDP to shrink 4.4% this share), while the profit for avirus, with demand taking years banks and governments. the nine-month period to recover and peaking at a lower around 2030, topping out The fund now forecasts year, compared with the of the current year reached level, the International Energy at lower levels than world gross domestic product 5.2% drop seen in June. to AED348.8 million Agency (IEA) said. forecast last year (GDP) to shrink 4.4% this For 2021, it sees growth (approximately 8 fils per After an unprecedented 8% year, compared with the 5.2% of 5.2%, down from 5.4% share). drop this year, global oil con - drop seen in June, according With these realised prof - sumption will return to pre-crisis mand will be tamed by the switch transportation. After 2030, an - to the latest World Economic its, the group has cleared all levels in 2023, provided Covid-19 to more efficient or electric vehi - nual growth will dwindle to just Outlook released on Tuesday. losses for 2019 as well as is brought under control next cles, the IEA forecast. Consump - 100,000 barrels a day. For 2021, the IMF sees large swaths of business. The for the first and second year, the Paris-based agency said tion will rise by about 750,000 “The era of global oil demand growth of 5.2%, down from report sets the tone for this quarter of this year, on Tuesday.