Sanofi's $2.5b deal to buy biotech with rights to Aussie vaccine invention
Sanofi is buying Vicebio, a London-based group, which is developing vaccines for two respiratory viruses using the molecular clamp technology invented by University of Queensland's professors Paul Young, Daniel Watterson and Keith Chappell.
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West Australian
an hour ago
- West Australian
Richard White lieutenant Zubin Appoo lands CEO role at WiseTech Global
WiseTech Global has elevated a key lieutenant of billionaire founder Richard White to chief executive to lead the logistics software giant out of a tumultuous 12 months. Current chief of staff Zubin Appoo will succeed interim boss Andrew Cartledge, who was pushed into the role last October after Mr White gave up the job amid a series of damning allegations and a board investigation into his relationship with employees. There were also allegations that he used his influence to gain sexual favours, and paid for a multimillion-dollar house for an employee he had been in a relationship with. Mr White sensationally regained control of WiseTech in February as executive chair, despite the board investigation finding he failed to fully disclose personal relationships with employees. His return was preceded by the departure of four independent directors who had voiced concern about his ongoing influence over the $33.5 billion listed company. Mr Appoo previously worked at the company between 2004 and 2018 as head of innovation and technology, working closely with Mr White, and rejoined the ranks in April. In an announcement to the Australian Securities Exchange on Monday, WiseTech said he was a proven technology leader with an extensive understanding of WiseTech's business, which develops software solutions for global supply chains and logistics firms. It has a current customer base of 16,500 and in May announced a $3.3b deal to fund expansion in the US through the acquisition of Texas-based e2open — the biggest ever deal in the company's 30-year history. 'He will collaborate with and support co-founder and executive chair, Richard White, with long-term product vision, innovation and strategic investment,' the statement said. 'The appointment of Zubin reinforces the board's commitment to robust governance and clarity of executive roles. 'This leadership model ensures the complementary strengths of both our executive chair and CEO are fully harnessed — with the CEO accountable to the board for operational performance and strategic execution. 'This clarity will serve our people, customers, partners, and investors well.' Mr Appoo will have 'full accountability for the performance and growth of the business, including leadership across operations, people, culture, product delivery and commercial performance'. Lead independent director Andrew Harrison said Mr Appoo would bring to the role a strong software and product development background along with 'knowledge of WiseTech's products, markets and methods'. Mr Harrison also said he would 'seamlessly partner with our co-founder and executive chair, while also operating independently and decisively as CEO'. Mr White said WiseTech needed a strong succession plan in place as the company plots its next phase of growth. 'Since rejoining WiseTech as chief of staff, Zubin has been working closely with our senior leadership team, our development teams, as well as customers, and investors,' he said. 'He has immersed himself in WiseTech's business operations with a focus on driving innovation, value creation, and efficiencies.' Mr Appoo will start on a base annual salary of $700,000 with a remuneration equity grant of $700,000 a year delivered in the form of share rights.
West Australian
an hour ago
- West Australian
Boss Energy's shares plummet 39 per cent following disappointing guidance at Honeymoon uranium project
Shares in uranium miner Boss Energy have been pulverised by a poor production outlook, which came just days after its managing director resigned. Boss was trading 39 per cent lower on Monday morning at $2.08 a share, wiping out about $540 million worth of value from the Subiaco-based business. June quarterly production figures at its flagship Honeymoon operation were better than analysts had expected but the company's forecast for the South Australian site furrowed the brows of investors. Honeymoon's cash costs are expected to increase this financial year primarily due to 'an expected decline in average tenor and an optimised lixiviant chemistry'. Higher tenor essentially equates to higher quality uranium and a lixiviant is the chemical concoction used to extract uranium from ore. 'The optimised lixiviant chemistry is expected to be value accretive through improved headgrade and total wellfield recovery but will result in higher specific consumptions and (cash) cost,which has been reflected in the forecast cash cost for FY2026,' Boss stated. A cash cost forecast of between $41 and $45 a pound of drummed uranium has been pencilled in for FY2026, compared to $36/lb for the June quarter. The Honeymoon headaches are expected to continue next financial year. An assessment of wellfield performance since Honeymoon restarted production in April last year has identified some 'potential challenges' going forward. 'Boss has identified potential challenges that may arise in achieving nameplate capacity as previously outlined in the enhanced feasibility study,' the company stated. 'This is largely due to the potential for less continuity of mineralisation and leachability. 'An independent review by subject matter experts will commence shortly to determine the extent to which the above affects EFS assumptions. Boss will keep the market informed.' The share price bloodbath comes less than a week after Boss announced its long-serving chief executive Duncan Craib would step down from the role at the end of September. Mr Craib, who has been Boss' chief since 2017, will then join the board as a non-executive director from the start of next year. Chief operating officer Matt Dusci — a former CEO of IGO — is set to take the reins from Mr Craib. In May last year, just weeks after Honeymoon produced maiden uranium, Mr Craib sold 3.75 million of his 4.24 million shares for an average of $5.63 each to rake in $21.1m. Boss has since lost more than 60 per cent of its value. The company is the third most shorted stock on the Australian Securities Exchange, with fellow Perth-based uranium miner Paladin Energy holding first place. Shares in Paladin on Wednesday lost more than 11 per cent after its production guidance also disappointed the market. Paladin produces uranium from its Langer Heinrich mine in Namibia.
Sydney Morning Herald
5 hours ago
- Sydney Morning Herald
The astonishing fall from grace of an 87-year-old economic kingpin
'He wasn't perfect, but he has been stitched up because he wouldn't go when people wanted him to go,' one person close to the organisation told The Telegraph. Other insiders fear that the push to remove Schwab will come at too high a reputational cost to the WEF itself. 'They've used a sledgehammer to crack a nut,' one said. It is an astonishing fall from grace from the former executive chairman, who was awarded an honorary knighthood by the UK in 2006. The German-born professor built his empire from humble beginnings, establishing the WEF in 1971 as a forum for policymakers and CEOs to discuss global issues. Over the years it mutated into a magnet for world leaders, a capital of fevered dealmaking, a byword for elitism and a lightning rod for conspiracy theories. The title of his book The Great Reset – about how the pandemic could remake global economies – has become shorthand for online extremists convinced that plots to create a world government are hatched at Davos. Schwab, the quintessential 'Davos Man,' was front and centre every year as he welcomed a galaxy of heads of state and government. They included prime ministers and presidents as different as Angela Merkel and Donald Trump, Emmanuel Macron and Narendra Modi or Baroness May and Vladimir Putin. At this year's gathering, in January, there was no Sir Keir Starmer, French president or German chancellor in Davos. The demise of Davos has often been predicted, but rivals are circling. China has the Boao Forum, colloquially known as 'the Asian Davos', and Saudi Arabia has launched the Future Investment Initiative, which is dubbed 'Davos in the Desert'. Loading The rumblings of what would become an avalanche of revelations about Schwab began with a 2024 investigation by the Wall Street Journal, which accused the WEF of having a workplace culture that was hostile to black people and women. Women were allegedly sidelined after becoming pregnant, while two staff members used the n-word, according to the Journal. The WEF said at the time it had zero tolerance for discrimination and harassment and disputed the allegations in the newspaper report. Staff alleged that Schwab was inappropriate and made unwanted suggestive remarks, while one female staffer claimed he put his leg on her desk with his crotch in front of her face. She said Schwab told her he wished she was Hawaiian because he'd like to see her in Hawaiian costume, which the WEF fiercely denied. Others told the Wall Street Journal that attractive women were chosen to meet international delegates. There was a slang term for such encounters – 'white on blue action' – a reference to the different coloured lanyards worn at the conference by officials and famous guests. Former staff at the non-profit were reported to have set up a WhatsApp group called 'WEFugees' in which they shared horror stories about their experiences. A former staffer told the Journal: 'We promote inclusion and improving the state of the world and women's issues but do the opposite.' Schwab complained bitterly about the Journal 's reporting but was determined to craft a graceful, prolonged exit from the WEF, which generates about $US00 million a year. The WEF's founding bylaws state 'the Founder himself designates his successor', and stipulates he or 'at least one member of his immediate family' is on the board of trustees. Schwab's plan was to move to a role as non-executive chairman and retire in stages, picking his successor. But then whistleblowers sent a letter in an email to WEF trustees, including luminaries such Al Gore, the former US vice-president, and cellist Yo Yo Maa. It accused Schwab and his wife, Hilde, of misusing WEF funds. It said Schwab had used company funds to pay for private massages, and he had redirected WEF resources and staff in a vainglorious bid to get nominated for the Nobel Peace Prize. 'This was not a WEF initiative, but a self-driven effort disguised as organisational work,' the letter said. It complained about Hilde Schwab's spending of about $USUS50 million on Villa Mundi, a mansion next to WEF headquarters overlooking Lake Geneva. It alleged she controlled access to the property and that one entire floor was reserved for the couple's exclusive use, according to the Wall Street Journal. They denied the allegations. In April this year, a WEF audit committee recommended opening an independent investigation into the new allegations. Schwab went on the attack. He wrote a furious email to the committee demanding the probe be dropped within 24 hours and threatened to file a criminal complaint. The gamble backfired. After the WEF board insisted the investigation had to go ahead, Schwab resigned 48 hours after sending his email. He insisted his legacy was 'well established', adding he had received 'the highest national distinction from numerous countries for my efforts in helping economic developments, reconciliation efforts and even avoiding a war'. After a two-hour emergency meeting of trustees, Schwab's ouster was announced on April 21. He was swiftly replaced by Peter Brabeck-Letmathe, the WEF's vice-chairman and former Nestle CEO. A law-firm led independent investigation began in accordance with Swiss regulations. Last Sunday, some preliminary findings were published in Switzerland's SonntagsZeitung newspaper. Law firm Homburger has looked into some £836,000 in expenses submitted by Schwab and his wife which, it was reported, were not sufficiently linked to WEF activities. Schwab sent suggestive emails and had 'embarrassing interactions' with younger WEF staff, according to the leaked findings. The newspaper revealed he had told staff that the UK 'must not see any improvement' in the WEF's annual Global Competitiveness Report, which ranks countries on productivity. Otherwise it would be 'exploited by the Brexit camp', he wrote. In the 2017/2018 report, the UK's ranking improved from seventh to fourth after a change in methodology. Loading The final report published in 2017 – a year after the Brexit referendum – showed the UK had dropped one place to eighth. It was not the only example of political manipulation of research, according to the newspaper. Schwab has denied all the allegations.
