Sagaliam Acquisition Corp – Business Times Oman http://www.businesstimesoman.com Wed, 16 Nov 2022 22:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.2 Arabian Entertainment Company, Ltd., a leading food, beverage and entertainment company in Saudi Arabia, enters into Business Combination Agreement with Sagaliam Acquisition Corp. Combined company is expected to trade on NASDAQ http://www.businesstimesoman.com/arabian-entertainment-company-ltd-a-leading-food-beverage-and-entertainment-company-in-saudi-arabia-enters-into-business-combination-agreement-with-sagaliam-acquisition-corp-combined-company-is/ http://www.businesstimesoman.com/arabian-entertainment-company-ltd-a-leading-food-beverage-and-entertainment-company-in-saudi-arabia-enters-into-business-combination-agreement-with-sagaliam-acquisition-corp-combined-company-is/#respond Wed, 16 Nov 2022 22:00:00 +0000 http://www.businesstimesoman.com/?p=306499 Arabian Entertainment Company, Ltd. ("AEC") has entered into a business combination agreement with Sagaliam Acquisition Corp. (NASDAQ: SAGA). The combined company is expected to trade on NASDAQ.

AEC's business model focuses on three complimentary pillars "" franchise restaurants, fine dining & entertainment and live entertainment venues – in the MENA region. AEC owns the exclusive rights to the Applebee's and Ocean Basket franchises in Saudi Arabia.

Transaction to provide AEC up to $151.5 million in proceeds including an anticipated $35 million of immediate funding through a PIPE and up to $116.5 million of SPAC cash held in trust, based on a pre–transaction equity value of $379 million.

Proceeds will allow AEC to expand its presence in Saudi Arabia and the MENA region and diversify its offerings across the food, beverage and live entertainment eco–systems.

LOS ANGELES and JEDDAH, Saudi Arabia, Nov. 16, 2022 (GLOBE NEWSWIRE) — Arabian Entertainment Company Ltd. ("AEC"), a leading food, beverage and entertainment company in Saudi Arabia and Sagaliam Acquisition Corp. (NASDAQ: SAGA) ("Sagaliam"), a special purpose acquisition company ("SPAC"), announced today that they have entered into a definitive business combination agreement.

Under the terms of the agreement, Supraeon Investments, Ltd. ("Supraeon"), the parent company of AEC and Sagaliam will combine into a new company that is expected to be listed on NASDAQ and will adopt Tarfeeh Holdings, Ltd. as the corporate operating brand.

The transaction, once completed, will provide AEC with significant additional capital to continue its growth, better serve customers and execute its strategic plan to become a leading provider of food and beverage and live entertainment offerings in the MENA region.

In addition, Sagaliam and AEC expect to raise an additional $35 million through a private investment in public equities ("PIPE"). The anticipated $35 million from the PIPE is expected to be primarily used by AEC to pay transaction–related expenses and fund the expansion of its business platform in Saudi Arabia and the MENA Region.

AEC Overview

Headquartered in Jeddah, Saudi Arabia, AEC is a premier owner and operator of fast casual restaurant franchises operating under the Applebee's and Ocean Basket brands.

AEC has been in operation since 2001. Together with its parent company, Supraeon, AEC is a portfolio company of GLD Partners, LP., a Los Angeles based private equity firm ("GLD").

Sagaliam Overview

Sagaliam is a SPAC that raised $116.5 million in its initial public offering on December 23, 2021.

The business combination agreement between AEC and Sagaliam requires that the sponsor agree not to sell its founder shares for a period of twelve months after the business combination subject to the provisions of the lock up agreement. The sponsor believes that this “lock–up” period aligns the interests of the sponsor with those of Sagaliam's investors. As such, with certain limited exceptions, the sponsor expects to continue to be invested in the combined company after the completion of the business combination.

Management Commentary

“AEC is raising the bar in the fast casual food and beverage industry in the MENA region and strives to create the best possible experience for customers, partners, and employees so it can create more moments that matter,” said Omar Mirza, Interim CEO of AEC. “We are excited to enter the public markets through our business combination with Sagaliam. We expect that this capital, combined with our leadership team's significant food, beverage and entertainment industry experience, will allow AEC to grow our workforce, expand our offerings and further invest in our customer experience, while maintaining our core values and family–first culture.”

“We believe AEC has become one of the fastest–growing providers of fast casual dining experiences in Saudi Arabia thanks to its world–class leadership team, and the consistent high–quality service it provides to customers,” said Barry Kostiner, CEO and Director of Sagaliam. “We are confident in the AEC team and we believe they are ready to further accelerate their market position through this opportunity to become a public company.”

“GLD is pleased to support the combination of AEC and Sagaliam. GLD initially acquired AEC because of its faith in the growth potential of AEC and the overall MENA region. GLD remains committed to seeking out investment opportunities in the MENA region and this transaction is in line with GLD's investment strategy," said Eric Miller, a spokesperson for GLD Partners, LP. “AEC and Sagaliam are ideal partners. AEC's differentiated model and track record of performance, combined with Sagaliam's investment, will allow AEC to extend their leadership position and deliver shareholder value.”

Transaction Overview

Under the terms of the definitive business combination agreement, the transaction is expected to provide AEC up to $151.5 million in proceeds, including $35 million from an anticipated PIPE offering described above and $116.5 million of SPAC cash in trust assuming no redemptions, based on a pre–transaction equity value of $379 million. No additional funding beyond the $35 million PIPE offering is contemplated for the business combination, which includes a minimum net cash condition of $25 million in the aggregate to close.

Upon the closing of the proposed transaction, AEC's senior management will continue to serve in their current roles. The current AEC owners will retain approximately 50% of the ownership at close, assuming no SPAC shareholder redemptions.

The respective boards of directors of both Sagaliam and AEC have each approved the proposed transaction. Completion of the proposed transaction is subject to approval of Sagaliam stockholders and other customary closing conditions. The parties expect that the proposed transaction will be completed in the first half of 2023.

A more detailed description of the transaction terms and a copy of the definitive business combination agreement will be included in a Current Report on Form 8–K to be filed by Sagaliam with the United States Securities and Exchange Commission (the "SEC"). Sagaliam or one of its subsidiaries or affiliates will file a registration statement (which will contain a proxy statement and prospectus) with the SEC in connection with the transaction.

Investor Conference Call

AEC and Sagaliam will host a joint investor conference call discussing the business and the proposed transaction. Information as to how to join the call will be made available at either https://sagaliam.com or www.tarfeehksa.com.

For Investor Relations, including a copy of an investor presentation as filed with the SEC, please visit the Sagaliam website at www.sagaliam.com or the SEC's website for Sagaliam's filings at: https://sec.report/CIK/0001855351.

Advisors

King & Spalding LLP is serving as legal advisor to AEC and Mayer Brown LLP and Al Akeel & Partners are serving as legal advisors to Sagaliam. Marshall & Stevens, Inc. has delivered a fairness opinion to a Special Committee of the Board of Directors of Sagaliam in connection with the proposed transaction.

Important Information about the Proposed Business Combination and Where to Find It

This document relates to a proposed transaction between AEC and Sagaliam. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Sagaliam intends to file a preliminary proxy statement with the SEC in connection with the proposed transaction. Sagaliam will mail the definitive proxy statement to all Sagaliam shareholders. Sagaliam also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Sagaliam are urged to read the preliminary proxy statement (and, when available, the definitive proxy statement) and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Sagaliam through the website maintained by the SEC at www.sec.gov.

Participants in Solicitation

Sagaliam and AEC and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Sagaliam Acquisition Corp.'s shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of Sagaliam and information regarding their interests in the business combination will be contained in the proxy statement when available. You may obtain free copies of these documents as described in the preceding paragraph.

Non–Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Cautionary Statement Regarding Forward–Looking Statements

This document contains certain forward–looking statements within the meaning of the federal securities laws with respect to the proposed transaction between AEC and Sagaliam. These forward–looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward–looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward–looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Sagaliam's securities, (ii) the risk that the transaction may not be completed by Sagaliam's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Sagaliam, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval by the shareholders of Sagaliam and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement, (vi) the effect of the announcement or pendency of the transaction on AEC's business relationships, operating results and business generally, (vii) risks that the proposed transaction disrupts current plans and operations of AEC and potential difficulties in AEC's employee retention as a result of the transaction, (viii) the outcome of any legal proceedings that may be instituted against AEC or against Sagaliam related to the Business Combination Agreement or the transaction, (ix) the ability to maintain the listing of the Sagaliam's securities a national securities exchange, (x) the price of Sagaliam's securities may be volatile due to a variety of factors, including changes in the competitive industries in which Sagaliam plans to operate or AEC operates, variations in operating performance across competitors, changes in laws and regulations affecting Sagaliam's or AEC's business and changes in the combined capital structure, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xii) the risk of downturns and a changing regulatory landscape in the highly competitive food and beverage industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Sagaliam 's registration on Form S–1, the proxy statement that will be filed as discussed below and other documents filed by Sagaliam from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward–looking statements. Forward–looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward–looking statements, and AEC and Sagaliam assume no obligation and do not intend to update or revise these forward–looking statements, whether as a result of new information, future events, or otherwise. AEC nor Sagaliam gives any assurance that either AEC or Sagaliam or the combined company will achieve its expectations.

CONTACT INFORMATION

Eric Miller
GLD Partners, LP
213–315–2550
press@gldlp.com


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New collaboration establishes Joint Analytical Cell in major step forward for fisheries monitoring and enforcement http://www.businesstimesoman.com/new-collaboration-establishes-joint-analytical-cell-in-major-step-forward-for-fisheries-monitoring-and-enforcement/ http://www.businesstimesoman.com/new-collaboration-establishes-joint-analytical-cell-in-major-step-forward-for-fisheries-monitoring-and-enforcement/#respond Tue, 31 May 2022 04:01:00 +0000 http://www.businesstimesoman.com/?p=306904 Washington, D.C., May 31, 2022 (GLOBE NEWSWIRE) — A new collaboration aims to boost equitable access to vital fisheries intelligence, data analysis and capacity building assistance to help developing maritime States combat illegal, unreported and unregulated fishing. Founded by the International Monitoring, Control and Surveillance Network, Global Fishing Watch and TMT, the Joint Analytical Cell, or JAC, will harness innovative technology and fisheries expertise to facilitate collaboration among State and non–State actors and transform ocean governance.

The announcement comes in advance of the International Day for the Fight Against Illegal, Unreported and Unregulated (IUU) Fishing on June 5 and the second United Nations Ocean Conference taking place in Lisbon, Portugal June 27–July 1at which the Joint Analytical Cell will be showcased by States that recognize the importance of novel collaboration and new technology to help sustainably manage the ocean.

"The establishment of the Joint Analytical Cell marks a sea change in fisheries intelligence and analysis. It will set a precedent for a global shift toward greater use of open data, data analytics, and integrated technology to provide greater transparency of activities occurring in the maritime domain and strengthen fisheries monitoring, control and surveillance efforts," said Mark Young, Executive Director of the International Monitoring, Control and Surveillance Network. "Collaboration between States, nonprofits and technology providers can help tackle IUU fishing by providing actionable data, credible intelligence and capacity building to those that need it most, ultimately improving global fisheries management."

IUU fishing causes significant harm to the health and resilience of the ocean, which is crucial in assuring global livelihoods and food security. Costing States millions of dollars in lost revenue and causing untold damage to marine ecosystems, it is also linked to increases in associated crimes, including labor and human rights abuses, as well as broader maritime security challenges.

Technology and transparency of information can drive change at scale in the fight against illegal fishing. But the global community lacks equitable access to the necessary data and tools, and the resources and training required to use them. Management authorities have traditionally relied on proprietary monitoring systems that have limited information sharing and are not available to all States.

In an effort to streamline the various technology and data offerings in the sphere of fisheries intelligence, the JAC seeks to facilitate a more open, collaborative model that will catalyze pooled data and technology, and conduct capacity–building efforts to improve upon current operating procedures. These insights can be shared across partners and deployed to support maritime enforcement authorities, enabling them to carry out targeted, risk–based and intelligence–led fisheries monitoring, control, surveillance and enforcement operations. These actions are also designed to act as a deterrent, since illicit activities will be harder to hide. The JAC will particularly focus on the strengthening of port controls, transshipment activity, and air and sea patrols. Insights from JAC analyses will also be made available to evidence–base international policy and legal processes that target the closure of loopholes that are exploited by illegal fishing operators.

“The IUU fishing challenge continues to evolve, and so must the responses," said Duncan Copeland, Executive Director at TMT. "The opportunities that the appropriate data, the right tools and technologies, and targeted personnel training present to bolstering fisheries enforcement capacities are enormous, but only if they are accessible and adapted to a national or regional context. State and non–State actor cooperation and collaboration are essential, and the Joint Analytical Cell has been formed to enable this objective."

"What we have established with the Joint Analytical Cell is a partnership mechanism that is designed to grow and bring in more complementary platforms and technology providers," said Tony Long, Chief Executive Officer at Global Fishing Watch. "This initiative, when taken to scale, will mobilize the combined expertise of its partners and allow for more targeted analyses and actionable intelligence offerings."

The Joint Analytical Cell will focus on four key areas: fisheries intelligence; monitoring, control and surveillance capacity building; access to data and technology, and partnership development. It will build on existing tools created by the founding members such as Global Fishing Watch's vessel tracking map and related tools like its carrier vessel portal, as well as TMT's Fisheries Analytical Capacity Tool, a fisheries intelligence management system built to capture and support analysis of identities and characteristics of the global fishing fleet and the companies that comprise it.

"Fish are a livelihood and source of nutrition for billions of people globally and it's critical to prevent actions like illegal, unreported, and unregulated fishing that threaten this vital resource," said Melissa Wright from Bloomberg Philanthropies. "The new Joint Analytical Cell is an unprecedented step to enhance global collaboration to end fishing piracy, and Bloomberg Philanthropies is excited to support this major effort to expand fishing data. We know that you can't manage what you can't measure and the data from this new fisheries intelligence force will ensure governments, civil society partners, and communities can hold bad actors accountable and fish continue to be an available resource for billions around the world."

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DAVOS ALZHEIMER’S COLLABORATIVE ANNOUNCES PARTNERSHIP WITH AGA KHAN UNIVERSITY TO LAUNCH FIRST ALZHEIMER’S RESEARCH INITIATIVE IN EAST AFRICA http://www.businesstimesoman.com/davos-alzheimers-collaborative-announces-partnership-with-aga-khan-university-to-launch-first-alzheimers-research-initiative-in-east-africa/ http://www.businesstimesoman.com/davos-alzheimers-collaborative-announces-partnership-with-aga-khan-university-to-launch-first-alzheimers-research-initiative-in-east-africa/#respond Mon, 23 May 2022 13:53:35 +0000 http://www.businesstimesoman.com/?p=306676 GENEVA, SWITZERLAND, May 23, 2022 (GLOBE NEWSWIRE) —

  • Research Will Produce Digital Cognitive Assessments and Collect Blood Samples for Gene Sequencing Models
  • Clinical Trial Will Conduct Late–Stage Potential Treatment for Alzheimer's
  • Builds on AKU's Brain and Mind Institute to Develop Integrated Brain Health Frameworks

The Davos Alzheimer's Collaborative (DAC), the organization leading an unprecedented global response to Alzheimer's disease, today announced a partnership with the Brain & Mind Institute at Aga Khan University (AKU) in Kenya, East Africa to launch a two–part research program for Alzheimer's: a cohort research study, and a clinical trial. Both will address the longstanding lack of diversity in Alzheimer's research, aim to improve care, and increase access to future innovative treatments throughout Africa.

To date, nearly all studies of Alzheimer's disease have been conducted on white populations of Western European origin, meaning that 90 percent of the world's population has been left out.[1] The Davos Alzheimer's Collaborative is responding to this lack of diversity by building a cohort of one million people, to date, 30 cohorts from 23 countries within North America, South America, Europe, Asia, and with this new partnership with the Brain & Mind Institute (BMI), AKU, Africa.

The partnership with the BMI/AKU is a trailblazing collaboration to fundamentally rethink Alzheimer's data collection and analysis. Because the research will be open source, it will help scientists and researchers worldwide gain a better understanding of Alzheimer's in vulnerable and underserved populations; which in turn, can accelerate the development of new treatments reflecting a precision medicine approach.

"To make progress on Alzheimer's Disease, it is essential that research include all races and ethnicities, especially diverse populations who have been left out of previous research efforts," said George Vradenburg, Founding Chairman of the Board, Davos Alzheimer's Collaborative, and Convener, The Global CEO Initiative on Alzheimer's Disease. "This partnership with the Brain and Mind Institute/Aga Khan University will build knowledge across racial, ethnic, gender, and national boundaries which will lay the foundation for new breakthroughs."

DAC and BMI will use local networks and on–the–ground healthcare providers to collect blood and conduct digital cognitive assessments, which are critical to identifying biomarkers that may indicate the presence of Alzheimer's disease.

"We are excited to partner on this cutting–edge study to broaden our understanding of Alzheimer's disease in Sub–Saharan Africa," said Zul Merali, Founding Director of the Brain and Mind Institute, AKU. "This work comes at a critical time as the entire continent of Africa is grappling with issues of healthy aging and ill health, particularly pertaining to dementia and Alzheimer's disease."

DAC is transforming research in Alzheimer's, working with researchers to make sure they have tools and technology to gather data, then pooling this information so the global scientific community can understand the heterogeneity of Alzheimer's disease. The DAC/AKU partnership will play a key role in shaping a future of accessible, globally competent Alzheimer's treatment.

About the Davos Alzheimer's Collaborative

Launched at the World Economic Forum's 2021 meeting on The Davos Agenda, The Davos Alzheimer's Collaborative is a multi–stakeholder partnership committed to aligning stakeholders with a new vision for our collective global response against the challenges Alzheimer's presents to patients, caregivers and healthcare infrastructures. Convened by The World Economic Forum and The Global CEO Initiative on Alzheimer's Disease (CEOi) and fueled by a mission of service to the estimated 150 million families and half a billion people inevitably impacted by this disease by 2050, DAC is a collaborative for the benefit of all people, in all places.

About the Brain and Mind Institute, AKU

The Brain and Mind Institute (BMI) at the Aga Khan University, operates in East Africa and Central/South Asia. BMI's ethos is to span from neuron to the neighborhood, and across multi–country campuses. The operational model is to empower and strengthen neuroscience and mental health research and interventions through capacity building and partnerships; connecting the rich tapestry of academics, research entities, stakeholders, and communities of lived experience. BMI facilitates interdisciplinary research, education and innovation in mental health and neurosciences. Through transdisciplinary research approaches, BMI aims to impact the lives of people who are affected by debilitating neurological and mental health problems. Whether it is uncovering the causes of illness or advancing breakthrough research into treatments or interventions, BMI's approach is always mindful of the local needs of the people and communities at risk.


[1] https://www.davosalzheimerscollaborative.org/cohorts


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DAVOS ALZHEIMER’S COLLABORATIVE ANNOUNCES EARLY DETECTION INNOVATION GRANTS http://www.businesstimesoman.com/davos-alzheimers-collaborative-announces-early-detection-innovation-grants/ http://www.businesstimesoman.com/davos-alzheimers-collaborative-announces-early-detection-innovation-grants/#respond Mon, 23 May 2022 13:14:46 +0000 http://www.businesstimesoman.com/?p=306777 GENEVA, SWITZERLAND, May 23, 2022 (GLOBE NEWSWIRE) — The Davos Alzheimer's Collaborative (DAC), the organization leading an unprecedented global response to Alzheimer's disease, today announced the recipients of a grant program aiming for early detection of cognitive symptoms. The early detection grants total $4.5 Million from 8 countries across North America, Europe, Asia, and Africa.

The grants are an initiative of the DAC Healthcare System Preparedness Project, which aims to advance how healthcare systems worldwide detect, diagnose, treat, and care for people with or at risk for Alzheimer's.

Grantees are located throughout the US, Brunei, Kenya, Germany, Japan, Canada, Cuba, and Armenia. Several grants will focus on expanding cognition screening and training for primary care providers. Others are harnessing innovative technologies to utilize optometrists and pharmacists. This will expand the pool of frontline workers available to screen for early detection, and reduce the unnecessary use of specialist care. Another deploys a mobile clinic to offer direct clinical support or equip digital tablets to volunteer workers to rapidly improve detection rates.

According to George Vradenburg, Founding Chairman of the Board, Davos Alzheimer's Collaborative, "Each grant will bring unique and measurable benefits to its local health system and community and, through DAC's global learning network, will also spread their learnings broadly around the world. Finding new and innovative ways to advance early detection is paramount to improving healthcare systems' abilities to provide better care today, and to prepare for the future availability of treatments."

The grant application process was extensive, with DAC receiving 76 responses from 21 countries in two months. A diverse panel of experts, including a family member of an Alzheimer's patient living with the disease, served as an independent review committee for these grants:

  • Tarun Dua (Global) "" World Health Organization
  • Wendy Weidner (Global) "" Alzheimer's Disease International
  • Ricardo Allegri (Argentina) "" University of Buenos Aires & World Dementia Council
  • Chirine Chehab (Lebanon) "" American University Hospital of Beirut
  • Lori Frank (United States) "" RAND Corporation & New York Academy of Medicines
  • Ryoji Noritake (Japan) "" Health and Global Policy Institute
  • Terry Fulmer (United States) "" John A. Hartford Foundation
  • Chandresh Harjivan (Canada) "" Family member of an Alzheimer's patient

"Early detection of cognitive decline is critical for patients and families and I am excited to see the Davos Alzheimer's Collaborative tackling this challenge with their Health System Preparedness Initiative," says Chandresh Harjivan, a family member of an Alzheimer's patient. "I was honored to be asked to be part of such an esteemed review committee and am very happy that families living with the disease were part of the evaluation process."

A summary of each grant can be found below.

About the Davos Alzheimer's Collaborative

Launched at the World Economic Forum's 2021 meeting on The Davos Agenda, The Davos Alzheimer's Collaborative is a multi–stakeholder partnership committed to aligning stakeholders with a new vision for our collective global response against the challenges Alzheimer's presents to patients, caregivers and healthcare infrastructures. Convened by The World Economic Forum and The Global CEO Initiative on Alzheimer's Disease (CEOi) and fueled by a mission of service to the estimated 150 million families and half a billion people inevitably impacted by this disease by 2050, DAC is a collaborative for the benefit of all people, in all places.

About DAC's Healthcare System Preparedness Project

DAC's Healthcare System Preparedness Project (DAC–SP) is funding innovative approaches that measurably increase rates of cognitive screening, early detection and accurate diagnosis of Alzheimer's through pilot projects and early detection grants. The pilot projects are: AdventHealth Central Florida, FL, USA; Municipality of Volta Redonda, State of Rio de Janeiro, Brazil; Alzheimer Scotland; University of the West Indies (UWI), Caribbean Institute for Health Research, Jamaica; Kobe University, Japan; INGER/National Institute of Geriatrics, Mexico; and, Indiana University School of Medicine/Indiana University Health, IN, USA. These initiatives are incorporated into DAC Learning Labs, a network of governments and public health and healthcare system leaders, to share best practices that can be scaled globally.

###

***PLEASE NOTE: Click here to view a recorded discussion with some of the grant recipients, in which over 500 global leaders from 53 countries tuned in to learn about early detection. Click here to be kept informed about updated information regarding the DAC initiative.

Davos Alzheimer's Collaborative Early Detection Grants

Toronto Memory Program and RetiSpec (Canada)

This project implements the world's first screening model that leverages collaboration between optometry and a local Alzheimer Society chapter to enable accessible identification of individuals at risk for Alzheimer's disease and referral to a qualified clinician, facilitating a faster diagnosis. The two community–based entry points include: (1) optometry clinics, where individuals can receive a non–invasive RetiSpec retinal scan for early detection of Alzheimer's disease; and (2) the Alzheimer Society of Toronto, where individuals can undergo cognitive assessment.

Ludwig–Maximillans University (Germany)

Partners with two Universities, a health and social care charity, and three industry partners to conduct three screening types on seniors in Germany. This study will identify the best screening method by offering digital cognitive assessments, SCD questionnaire screening, and blood AD biomarkers testing to different groups. This study will also generate a patient registry to enroll patients in the global cohort and clinical trials workstreams, establish a fluid biobank, and train Artificial Intelligence diagnostic systems to better analyze speech patterns.

University of Havana (Cuba)

Provides a two–month training to primary care providers to integrate tablet based cognitive assessments Brain Health Assessment (BHA). The care provider will be assisted by informants, meaning a family–member or other person close to the patient, to help primary care providers determine if a dementia diagnosis is warranted.

Avant Institute (US – Multiple States)

This project implements Cognivue Clarity, a self–administered 10–minute cognitive performance screening tool, to increase access to digital cognitive screening assessments in 20–30 Community Pharmacy Enhanced Services Network (CPESN) pharmacy sites across rural, urban, and underserved communities throughout the United States. This project provides training and onboarding for pharmacies to use Cognivue to screen patients and evaluate the results to make further recommendations and referrals.

Africa Mental Health Research and Training Foundation (Kenya)

This project redeploys existing volunteer staff in the Strengthening Responses to Dementia in Developing Countries (STRiDE) project and trains community health workers to screen 2,400 people aged 60 and above. Workers are equipped with tablets to conduct the screening Instrument for Dementia (CSI–D) cognitive assessment and informant interview, word list recall task, and Euro–Dementia scale. Ultimately, results will inform health system policy and practices in Kenya.

Alzheimer's Care Armenia (Armenia)

This cognitive screening education programs utilizes a van that has been outfitted as a multidisciplinary mobile clinic to offer educational programs and work with local clinical staff to screen for cognitive issues using the Montreal Cognitive Assessment (MOCA). The program provides citizens who test positive for cognitive decline with healthcare resources and offers workshops to caregivers on providing support.

Advocate Aurora Health (US– Illinois)

This project aims to educate primary care providers on the importance of early cognitive screening and provide them with EPIC electronic health record–based digital testing tools to manage their patients efficiently. Clinicians get access to continuing education programming, eConsult support services, and participate in a monthly Project ECHO–type case conference to discuss topics on dementia.

Kobe City Pharmaceutical Association (Japan)

This project evaluates the value of pharmacy–based digital cognitive tests. It combines the cognitive test with a regular healthcare consultation to increase regular cognitive testing, the rate of early detection of cognitive decline, and timely and accurate diagnosis of dementia in local community–based healthcare system.

University of Washington (US– Washington)

This project expands the pilot site success of the Gerontological Society of America (GSA) Kickstart, Assess, Evaluate and Refer (KAER Toolkit, 2020 Edition) into a fully operational Cognition in Primary Care (CPC) protocol in seven new primary care clinics across the University of Washington. The CPC model includes provider education training and incorporates two validated tests, the Montreal Cognitive Assessment (MoCa) and the Ascertain Dementia 8–Item Informant Questionnaire (AD8), and a structured Cognitive Checklist. This model checks for comorbidities of dementia and provides guidance on follow–up counseling and referrals to community resources.

Demensia (Brunei)

This project will perform a pilot test of community screening and information in Senior Citizen Activity Centers, followed by a focus group discussion to select an initial paper–based cognitive assessment. The project will systematically involve communities at grassroots levels – senior citizen activity centres, engagement of village heads and community centres, targeting older people and those with dementia risk factors. Community links formed by the association are available for multisectoral support with this initiative. Other project activities also include training of field workers regarding community screening and cognitive assessment and training workshops for primary care (followed by relevant specialties).

American Academy of Physician Associates and Cleveland Clinic (US "" Ohio)

Through partnership with The American Academy of Physician Assistants (AAPA), the Physician Associate (PA) Foundation, and Cleveland Clinic, this project develops cognitive assessment toolkit for non–specialist medical practitioners to be trained in administering screenings, interpreting results, communicating those results and offering additional provider and patient resources. The pilot implementation will be followed by outcomes reporting and dissemination of the toolkit to the network of PA schools and all Cleveland Clinic locations.

Institute for Healthcare Improvement (IHI) (US – Massachusetts)

This project uses a systems redesign approach, working with approximately eight teams across a range of settings on testing and measuring the results of intervention strategies that increase assessment rates. IHI will build and operate a learning community to encourage peer learning among participating teams, provide guidance, and teach scientific improvement methods to facilitate the teams' testing. Project outputs include a prototype set of interventions, implementation guidance, and an associated measurement set that will be ready to share and scale more widely.


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Dickey’s Barbecue Pit Expands in Egypt http://www.businesstimesoman.com/dickeys-barbecue-pit-expands-in-egypt/ http://www.businesstimesoman.com/dickeys-barbecue-pit-expands-in-egypt/#respond Wed, 17 Nov 2021 14:00:00 +0000 http://www.businesstimesoman.com/?p=306878 Dallas, Texas, Nov. 17, 2021 (GLOBE NEWSWIRE) — Dickey's Barbecue Pit's international expansion continues to move strong into the Middle East with the introduction of the newest location in Cairo, Egypt. The world's largest barbecue franchise partnered with the Swinder Group to open its first location in Egypt.

Swinder's operators, the Toama family, purchased their first Dickey's Barbecue Pit franchise in 2019 but were unable to open due to the COVID–19 pandemic. The Cairo restaurant is now set to open in early December 2021.

"We are excited to bring a truly unique concept to Cairo, featuring iconic premium meats and savory Southern sides that will delight seasoned barbecue fans or newbies alike," says Abdelrahman Toama, a partner at Swinder. "We couldn't be more thrilled with our corner unit location in the City Centre Almaza mall. The location is close to the airport and generates a lot of foot traffic so customers can conveniently satisfy their craving for mouth–watering, slow–smoked Texas–style barbecue."

The unit is a single level with seating for approximately 124 guests.

"The entry into Cairo, as our first stop into Africa is extremely symbolic, as Cairo is complete with history, culture and cuisine. This partnership will anchor our brand and act as an international showcase to the entire continent. I couldn't be happier for Dickey's as well as the man who started this with me, Abdelrahman Toama," says Jim Perkins, Executive Vice President of International Sales and Support at Dickey's Barbecue Pit.

Dickey's Barbecue Pit sells slow smoked beef brisket, beef sausage, smoked turkey, and savory sides.

"Since my family opened the first Dickey's in 1941, we've made it our mission to serve as many guests as possible the very best barbecue out there," says Roland Dickey. Jr., CEO of Dickey's Capital Group. "We are happy to partner with the Swinder Group and welcome them into the Dickey's Family."

To learn more, follow Dickey's Barbecue Pit on Facebook, Instagram and Twitter. Download the Dickey's Barbecue Pit app from the Apple App Store or Google Play.

About Dickey's Barbecue Restaurants, Inc.

Dickey's Barbecue Restaurants, Inc., the world's largest barbecue concept, was founded in 1941 by Travis Dickey. For the past 80 years, Dickey's Barbecue Pit has served millions of guests Legit. Texas. Barbecue. At Dickey's, all our barbecued meats are smoked onsite in a hickory wood burning pit. Dickey's proudly believes there's no shortcut to true barbecue and it's why they never say bbq. The Dallas–based, family–run barbecue franchise offers several slow–smoked meats and wholesome sides with 'No B.S. (Bad Stuff)' included. The fast–casual concept has expanded worldwide with international locations in the UAE and Japan. Dickey Family Restaurant brands have over 550 locations nationwide. In 2016, Dickey's won first place on Fast Casual's "Top 100 Movers and Shakers" list, was named a Top 500 Franchise by Entrepreneur in 2018 and was named to Hospitality Technology Industry Heroes in 2021. Led by CEO Laura Rea Dickey, who was named among the country's 50 most influential women in foodservice in 2020 by Nation's Restaurant News and was recognized as one of the top 25 industry leaders on Fast Casual's 2020 Top 100 Movers and Shakers list, Dickey's Barbecue Pit has also been recognized by Fox News, Forbes Magazine, Franchise Times, The Wall Street Journal and QSR Magazine. For more information, visit www.dickeys.com.


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Acino acquires selected Aspen brands in South Africa http://www.businesstimesoman.com/acino-acquires-selected-aspen-brands-in-south-africa/ http://www.businesstimesoman.com/acino-acquires-selected-aspen-brands-in-south-africa/#respond Fri, 22 Oct 2021 06:17:48 +0000 http://www.businesstimesoman.com/?p=306748 Zurich, Oct. 22, 2021 (GLOBE NEWSWIRE) — ZURICH, Switzerland, 22 October 2021 – Acino and Aspen Pharmacare Holdings Limited and its subsidiaries (collectively, "Aspen") have signed an agreement for Acino to acquire six South African prescription medicines for over 105 million (R1.8 billion).

The acquired medicines are used for the treatment of gastroenterology, erectile dysfunction and cardiovascular diseases. The acquisition will further strengthen Acino's footprint in South Africa by expanding their offering in these important therapeutic segments.

The transaction includes the Trustan , Altosec , Zuvamor , Ciavor , Grantryl and Aspen Granisetron brands. To secure uninterrupted patient access to these medicines, the parties have also signed a manufacturing and supply agreement in terms of which Aspen will supply the Aspen manufactured products to Acino for a period of seven years.

This partnership is a compelling affirmation of Acino's long–term strategy and purpose to increase people's access to affordable healthcare in the areas where they need them most. This acquisition comes on the heels of a series of other strategic investments, including the acquisition of a women's health portfolio in Russia earlier this year and Takeda's primary care portfolio in 2020.

"This agreement will fortify Acino's presence in South Africa and enable us to expand our diverse portfolio of high–quality, innovative treatments that help improve people's lives", said Steffen Saltofte, CEO of Acino. "Acino is committed to growing its footprint across our core emerging markets to deliver the best value to our patients, customers, suppliers and shareholders."

John Norman, Regional Director English–Speaking Africa at Acino said, "I am very pleased to sign this agreement with Aspen. We work hard to make a meaningful contribution to the South African economy by providing best–in–class products and service to our patients and healthcare practitioners, as well as creating employment opportunities. This further aligns with our commitment to transformation and retaining our BBBEE Level 1 certification. With this acquisition, Acino will enhance the value of these brands through our in–depth expertise and experience in the market."

Aspen's Group Chief Executive, Stephen Saad, said, "This transaction forms part of Aspen's communicated strategy to refine its product portfolio in South Africa. The acquisition of these trusted brands in South Africa represents excellent scaling and commercial opportunities for Acino as it expands its footprint in South Africa by adding these products to its existing product portfolio."

The transaction is subject to customary closing conditions, including regulatory approvals. It is anticipated that the transaction will complete by 31 December 2021.

–ENDS–

About Acino

Acino is a Swiss pharmaceutical company headquartered in Zurich with a clear focus on selected markets in the Middle East, Africa, Russia, the CIS Region, and Latin America. The company is backed by Nordic Capital and Avista Capital Partners. We deliver quality pharmaceuticals to promote affordable healthcare in these emerging markets, and leverage our high–quality pharmaceutical manufacturing capabilities and network to supply leading companies through contract manufacturing and out–licensing. For more information, visit www.acino.swiss. Acino has attained Level 1 BBBEE status in South Africa in 2020 and 2021. For more information: www.acino.swiss

About Aspen

Headquartered in Durban, South Africa, Aspen is a leading global specialty and branded multinational pharmaceutical company in both emerging and developed markets.

Aspen improves the health of patients in more than 150 countries through its high quality, affordable and effective healthcare solutions. The Group's key business segments are manufacturing and commercial pharmaceuticals comprising regional brands and sterile focus brands that include anaesthetics and thrombosis products.

Aspen employs approximately 9,100 people and has 70 established business operations in over 50 countries. The Group operates 23 manufacturing facilities across 15 sites and holds international manufacturing approvals from some of the most stringent global regulatory agencies. Its manufacturing capabilities are scalable to demand and cover a wide variety of product–types including steriles, oral solid dose, liquids, semi–solids, biologicals and active pharmaceutical ingredients. For more information visit www.aspenpharma.com

For more details, please contact:

Acino

Media Relations
Larisa Bernstein
Head of Corporate Communications

Acino International AG

larisa.bernstein@acino.swiss

Aspen

Media Relations
Shauneen Beukes
Aspen Group Communications Manager

sbeukes@aspenpharma.com

Attachments


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Takeda and Frazier Healthcare Partners Announce Collaboration to Launch HilleVax, Inc. to Develop Clinical Stage Norovirus Vaccine Candidate http://www.businesstimesoman.com/takeda-and-frazier-healthcare-partners-announce-collaboration-to-launch-hillevax-inc-to-develop-clinical-stage-norovirus-vaccine-candidate/ http://www.businesstimesoman.com/takeda-and-frazier-healthcare-partners-announce-collaboration-to-launch-hillevax-inc-to-develop-clinical-stage-norovirus-vaccine-candidate/#respond Fri, 30 Jul 2021 09:50:46 +0000 http://www.businesstimesoman.com/?p=306597 Dubai, United Arab Emirates, July 30, 2021 (GLOBE NEWSWIRE) — Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) (Takeda) and Frazier Healthcare Partners (Frazier) today announced a collaboration to launch HilleVax, Inc. (HilleVax), a biopharmaceutical company to develop and commercialize Takeda's norovirus vaccine candidate. Takeda has granted a license to HilleVax for the exclusive development and commercialization rights to its norovirus vaccine candidate, HIL–214 (formerly TAK–214), worldwide outside of Japan. Takeda will retain commercialization rights in Japan and HilleVax will integrate certain Japan development activities into its global development. Takeda remains committed to vaccines and this collaboration allows Takeda to focus primarily on dengue, COVID–19, pandemic influenza and Zika.

HIL–214, which is a virus–like particle (VLP) based vaccine candidate, completed a randomized, placebo–controlled Phase 2b field efficacy study in 4,712 adult subjects in which HIL–214 was well–tolerated and demonstrated clinical proof of concept in preventing moderate–to–severe cases of acute gastroenteritis from norovirus infection.1 To date, the candidate has been studied in nine human clinical trials with safety data from over 4,500 subjects and immunogenicity data from over 2,000 subjects.

Ursula Belinda Myles, General Manager of Takeda's Access Market Cluster (covering much of Africa) commented: “Africa's underlying burden of endemic diseases is one of the largest in the world, and infectious diseases play a larger portion of these diseases across the continent. Like many other nations, COVID–19 has emphasized Africa's greatest challenges around healthcare and highlighted the need for continued greater investment in healthcare systems. These investments are critical to secure economic development as Africa implements flagship projects around the 2030 Africa Health Strategy.”

Ursula added: “The announcement of our partnership with Frazier Healthcare Partners will allow Takeda to focus efforts and resources on vaccines for diseases prevalent across Africa and provide support in alleviating the growing burden that infectious diseases have on public health systems.”

Norovirus is a common intestinal infection marked by diarrhea, vomiting, abdominal cramps, nausea and sometimes fever that may lead to clinically significant dehydration.2 Norovirus is recognized as the leading cause of acute gastroenteritis across the age spectrum.3 It is estimated that norovirus causes nearly 700 million cases of illness and more than 200,000 deaths worldwide per year with significant additional economic and social burden.3 No vaccines are currently approved for norovirus infection, and HIL–214 continues to be the most advanced norovirus vaccine candidate in human clinical trials.

"Takeda and Frazier have a history of successfully partnering together, and we are confident in HilleVax's capabilities to progress HIL–214, the most advanced norovirus vaccine candidate in development with the potential to address the huge global burden of norovirus–associated acute gastroenteritis," said Rajeev Venkayya, M.D., President of the Global Vaccine Business Unit, Takeda. "This will allow Takeda to focus its efforts and resources on our dengue vaccine, which we have begun filing for licensure around the world, our pandemic programs, and our partnership with the US Government to develop a Zika vaccine."

Takeda's Commitment to Vaccines

Vaccines prevent 2 to 3 million deaths each year and have transformed global public health. For more than 70 years, Takeda has supplied vaccines to protect the health of people in Japan. Today, Takeda's global vaccine business is applying innovation to tackle some of the world's most challenging infectious diseases, such as dengue, COVID–19, pandemic influenza and Zika. Takeda's team brings an outstanding track record and a wealth of knowledge in vaccine development and manufacturing to advance a pipeline of vaccines to address some of the world's most pressing public health needs. For more information, visit www.TakedaVaccines.com.

About Takeda Pharmaceutical Company Limited
Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) is a global, values–based, R&D–driven biopharmaceutical leader headquartered in Japan, committed to discover and deliver life–transforming treatments, guided by our commitment to patients, our people and the planet. Takeda focuses its R&D efforts on four therapeutic areas: Oncology, Rare Genetic and Hematology, Neuroscience and Gastroenterology (GI). We also make targeted R&D investments in Plasma–Derived Therapies and Vaccines. We are focusing on developing highly innovative medicines that contribute to making a difference in people's lives by advancing the frontier of new treatment options and leveraging our enhanced collaborative R&D engine and capabilities to create a robust, modality–diverse pipeline. Our employees are committed to improving quality of life for patients and to working with our partners in health care in approximately 80 countries and regions. For more information, visit https://www.takeda.com.

About Frazier Healthcare Partners

Founded in 1991, Frazier Healthcare Partners is a leading provider of growth and venture capital to healthcare companies. With nearly $4.8 billion total capital raised, Frazier has invested in over 200 companies, with investment types ranging from company creation and venture capital to buyouts of profitable lower–middle market companies. The firm's Growth Buyout team invests in healthcare and pharmaceutical services, medical products and related sectors. The Life Sciences team invests in therapeutics and related areas that are addressing unmet medical needs through innovation. Frazier has offices in Seattle, WA and Menlo Park, CA, and invests broadly across the US, Canada, and Europe. For more information about Frazier Healthcare Partners, visit the company's website at http://www.frazierhealthcare.com.

About HilleVax

HilleVax is a biopharmaceutical company focused on the development and commercialization of novel vaccine candidates. Its initial program, HIL–214, is a virus–like particle (VLP) based vaccine candidate in development for the prevention of moderate–to–severe acute gastroenteritis caused by norovirus infection. For more information about HilleVax, visit the company's website at http://www.HilleVax.com.

Takeda Pharmaceutical Company Limited Forward–Looking Statements

This press release and any materials distributed in connection with this press release may contain forward–looking statements, beliefs or opinions regarding Takeda's future business, future position and results of operations, including estimates, forecasts, targets and plans for Takeda. Without limitation, forward–looking statements often include words such as "targets", "plans", "believes", "hopes", "continues", "expects", "aims", "intends", "ensures", "will", "may", "should", "would", "could" "anticipates", "estimates", "projects" or similar expressions or the negative thereof. These forward–looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward–looking statements: the economic circumstances surrounding Takeda's global business, including general economic conditions in Japan and the United States; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing thereof; fluctuations in interest and currency exchange rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel coronavirus pandemic, on Takeda and its customers and suppliers, including foreign governments in countries in which Takeda operates, or on other facets of its business; the timing and impact of post–merger integration efforts with acquired companies; the ability to divest assets that are not core to Takeda's operations and the timing of any such divestment(s); and other factors identified in Takeda's most recent Annual Report on Form 20–F and Takeda's other reports filed with the U.S. Securities and Exchange Commission, available on Takeda's website at: https://www.takeda.com/investors/reports/sec–filings/ or at www.sec.gov. Takeda does not undertake to update any of the forward–looking statements contained in this press release or any other forward–looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of Takeda in this press release may not be indicative of, and are not an estimate, forecast, guarantee or projection of Takeda's future results.

# # #

CONTACTS:

Takeda Media Contacts:
Japanese Media

Ryoko Matsumoto

ryoko.matsumoto@takeda.com

+81 (0) 3–3278–3414

Media Outside Japan

Amy Atwood

amy.atwood@takeda.com

+1–774–571–3316

For HilleVax, Inc.: For Frazier Healthcare Partners:
David Socks

info@hillevax.com

+1–650–325–5156

Liz Park

liz.park@frazierhealthcare.com

+1–650–319–1831

References

1 Sherwood J, et al. Vaccine 2020; 38(41):6442–6449

2 https://ww.cdc.gov/norovirus/index.html [accessed 2021 April 27].

3 Hall AJ, et al. Expert Rev Vaccines 2016;15(8):949–951


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Survey Projects Demand for Business School Graduates to Rebound in Post-Pandemic Era http://www.businesstimesoman.com/survey-projects-demand-for-business-school-graduates-to-rebound-in-post-pandemic-era/ http://www.businesstimesoman.com/survey-projects-demand-for-business-school-graduates-to-rebound-in-post-pandemic-era/#respond Wed, 30 Jun 2021 14:00:00 +0000 http://www.businesstimesoman.com/?p=306502 RESTON, Va., June 30, 2021 (GLOBE NEWSWIRE) — The Graduate Management Admission Council (GMAC), a global association of leading graduate business schools, today released its annual 2021 Corporate Recruiters Survey. The report found that corporate recruiters project a robust demand for business school graduates, with nine in ten of them expecting it to increase or remain stable in the next five years. In addition, a higher proportion of recruiters in 2021 (37%) expect the demand to increase than that in the previous year (30%), with more than half of the European recruiters (54%) sharing such a view compared to their Asian (32%) and American (34%) counterparts.

"In a little more than a decade, the proportion of surveyed recruiters planning to hire MBA graduates has grown significantly, a trend especially notable in Europe, where the percentage jumped from 44 percent in 2010 to nearly twice as much (86%) in 2021, and in the United States, where it grew from 56 percent to 94 percent, a 68 percent increase," said Sangeet Chowfla, president and CEO of GMAC. "As corporations recover from the pandemic and rebuild their workforces, it is no surprise that business school graduates " with their leadership and managerial skills in high demand " are specially strengthened in their value proposition as an employee and uniquely positioned to meet today's economic challenges."

Key Findings

MBA salary and hiring are expected to return to pre–pandemic levels

In 2020, the projected MBA median salary reached an all–time high of $115,000 before COVID–19 severely disrupted the global economy and caused it to drop down to $105,000 three months into the pandemic. However, the median MBA salary for 2021 is projected to recover to its pre–pandemic 2020 level of $115,000. At this rate, the median salary of MBA graduates is 77 percent more than those with a bachelor's degree ($65,000) and 53 percent higher as compared to those hired directly from industry ($75,000). This salary premium shows that investing in an MBA credential continues to pay off over the time, helping an MBA graduate earn $3 million more in his or her lifetime than someone holding only a bachelor's degree. GMAC's own mba.com offers a helpful tool to calculate the return of investment (ROI) for business school graduates.

Before the pandemic, 92 percent of recruiters indicated they were planning to hire MBA graduates in 2020. However, the disruptions caused by COVID–19 adversely affected those plans, and hence the actual hiring of MBA graduates (80%) was lower than 2020 projections. Looking ahead, the proportion of recruiters planning to hire MBAs in 2021 (91%) returns to the same level as pre–pandemic 2020 (92%). The MBA hiring projections exhibit strength across key regions and industries. Specifically, 95 percent of the recruiters in the consulting sector, an industry in most demand by MBA graduates, are projecting to hire them""a reversal from the 2020 actual hiring of 76%.

Technology sector embraces MBA graduates for hiring and promotion

According to survey respondents, demand for MBA graduates by the technology industry is anticipated to increase by 10 percentage points in 2021 compared to pre–pandemic 2020. In fact, with 96 percent of tech recruiters projecting to hire MBA graduates in 2021, the demand for MBA talents tops the previous three years. The data also show that two in three (68%) recruiters in the technology sector agree that leaders in their organizations tend to have a graduate business school education""an increase of 11 percentage points from 2020 (57%).

"Technology companies are placing a high value on leaders who are not just technically skilled, but also have strong strategic, interpersonal, communication and decision–making skills, as well as an understanding of the importance of diversity and inclusion and sustainability in their organizations – these will be critical to driving organizational growth and innovation,” said Peter Johnson, Assistant Dean of UC Berkeley's Haas School of Business. “These core skills represent the signature business schools are imbuing in graduates from their MBA and business master's programs."

Perceptions of online programs are mixed depending on region, sector

Online programs have been gaining traction in recent years. According to GMAC data, 50 more online MBA programs accepted GMAT scores in the testing year (TY) 2020 as compared to five years earlier in TY 2016. In addition, 84 percent of online MBA programs reported an increase in applications in GMAC's 2020 Application Trends Survey.

However, when corporate recruiters were asked about their level of agreement with the statement "My organization values graduates of online and in–person programs equally," only one–third (34%) of them agreed. In terms of industries, recruiters from the finance and accounting industry (41%) are more likely to view graduates of online programs as equal to their on–campus peers, compared to their recruiting counterparts in consulting (25%) or technology (28%). As online programs are clearly a fast–growing area of graduate management education, the sustainability of demand will require a higher level of acceptance by employers, particularly when GMAC's latest candidate research suggests a similar disparity in terms of perception of online versus in–person programs.

"As business schools continue to evolve modalities and more candidates are able to access MBA and business master's programs through online delivery, this presents the graduate management education community with an opportunity to align expectations and outcomes for graduates and corporate recruiters," said Chowfla.

About the Survey

GMAC has been conducting the Corporate Recruiter Survey on behalf of the graduate management education community since 2001. This year's survey, administered in partnership with the Association of MBAs (AMBA), the European Foundation for Management Development (EFMD), MBA Career Services & Employer Alliance (MBA CSEA), and career services offices at participating graduate business schools worldwide, received 529 responses between February 25 – March 31, 2021. More details of the full report, and other research series produced by GMAC, are available on gmac.com.

About GMAC

The Graduate Management Admission Council (GMAC) is a mission–driven association of leading graduate business schools worldwide. Founded in 1953, GMAC creates solutions and experiences that enable business schools and candidates to better discover, evaluate, and connect with each other.

GMAC provides world–class research, industry conferences, recruiting tools, and assessments for the graduate management education industry, as well as tools, resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test (GMAT) exam is the most widely used graduate business school assessment.

GMAC also owns and administers the NMAT by GMAC (NMAT) exam and the Executive Assessment (EA). More than 7 million candidates on their business master's or MBA journey visited GMAC's mba.com last year to explore business school options, prepare and register for exams, and get advice on the admissions process. BusinessBecause and The MBA Tour are subsidiaries of GMAC, a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
202–390–4180 (mobile)
thsu@gmac.com


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