Rapid Micro Biosystems Announces Pricing of Initial Public Offering

LOWELL, Mass., July 14, 2021 (GLOBE NEWSWIRE) — Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (“Rapid Micro”), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced the pricing of its initial public offering of 7,920,000 shares of its Class A common stock at a price to the public of $20.00 per share. All of the shares of Class A common stock are being offered by Rapid Micro. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Rapid Micro, are expected to be $158.4 million, excluding any exercise of the underwriters’ option to purchase additional shares. Rapid Micro’s Class A common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “RPID” on July 15, 2021. The offering is expected to close on July 19, 2021, subject to satisfaction of customary closing conditions. In addition, Rapid Micro has granted the underwriters a 30-day option to purchase up to an additional 1,188,000 shares of Rapid Micro’s Class A common stock at the initial public offering price less the underwriting discounts and commissions.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Cowen and Company, LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers of the offering.

A registration statement on Form S-1 (File No. 333-257431) relating to the offering has been filed with the Securities and Exchange Commission and became effective on July 14, 2021. The offering will be made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204 or email at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, telephone: (415) 364-2720 or email at syndprospectus@stifel.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contacts

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Telenor Withdrawal Will Hobble Myanmar’s Economy, Protections on Privacy: Experts

The decision by a Norwegian telecommunications firm to pull out of Myanmar following the junta’s Feb. 1 coup d’état will deal a blow to the country’s already struggling economy and grant the military significantly more control over the privacy of its citizens, according to experts.

On July 8, Norway’s Telenor Telecommunications Co. announced that it plans to sell all of its existing services in Myanmar to Lebanese firm M1 Group. Telenor chief executive Sigve Brekke said in a statement that the company decided to leave the country after nearly a decade of doing business there because of growing challenges in terms of compliance with rules and regulations.

The move comes some five months after the military overthrew Myanmar’s democratically elected government, claiming voter fraud had led to a landslide victory for NLD party in the country’s November 2020 election. The junta has yet to provide evidence of its claims and has violently suppressed nationwide demonstrations calling for a return to civilian rule, killing more than 900 people in the process.

In the months since the coup, the junta has barred senior executives of major telecoms, including Telenor, from leaving or entering the country freely without obtaining special permission. And in early July, the junta reportedly ordered the firms to track the devices of political dissidents and report on their behavior.

Following Telenor’s announcement, junta Minister of Foreign Affairs and Investment Aung Naing Oo said the company’s decision was made due to “other difficulties” such as “political pressure,” without elaborating.

“About seven percent of Telenor’s total revenue came from Myanmar—for them, Myanmar was a huge market, so they didn’t leave because they wanted to,” he said.

Aung Naing Oo insisted that Telenor’s departure would have no impact on the country.

“When they [decided to leave], someone else stepped in, so there’s no harm done to our country,” he said, adding that the military and M1 Group are now preparing for talks.

Telenor invested around U.S. $600 million to set up its operations in Myanmar in 2014 and had since gained more than 17 million subscribers—nearly one-third of the country’s population of 54 million. The company said last week that it had agreed to sell off all of its services to M1 for U.S. $105 million.

Economist Soe Tun told RFA’s Myanmar Service that Telenor’s decision to leave will damage Myanmar’s prospects for attracting foreign investors, who are already wary of entering the country because of the ongoing political turmoil, as well as other issues including lack of infrastructure and widespread corruption.

“Currently, large international companies are reluctant to invest in Myanmar and existing companies are leaving,” he said.

“As Telenor is an international company, I think its withdrawal will discourage other foreign investment. In any case, it’s going to impact [the economy], although we cannot yet say to what extent.”

Control over information

Others suggested that the departure would usher in a new era of state control over information in the country.

Following Telenor’s announcement, Phil Robertson, deputy Asia director for New York-based Human Rights Watch, issued a statement saying that the company had been “put between a rock and a hard place” by the junta’s demands that it track people opposing its rule.

“Coupled with junta threats to Telenor executives that they could not leave the country without prior permission, it’s not at all surprising that Telenor decided to exit,” he said at the time.

“The sad part is Telenor will likely be replaced by a company that is less principled in standing up to the junta’s rights abusing demands, and the Burmese people will be worse off because of it.”

The M1 Group is owned by former Lebanese Prime Minister Najib Mikati, who has been linked to Syrian dictator Bashar al-Assad and, over the weekend, watchdog Justice For Myanmar said the company could not be trusted to uphold human rights because of its history of collaborating with former Sudanese despot Omar al-Bashir.

Burma Campaign U.K., which monitors the human rights situation in Myanmar, blacklisted the M1 Group in 2019. The M1 Group is not yet directly working with the junta but is a major shareholder in Irrawaddy Green Towers, which operates infrastructure for the military-controlled telecom company Mytel.

Aung Nay Paing, a current Telenor customer, said the M1 Group is “indirectly linked” to the military and expressed concern over the security of its customers’ personal information.

“When Telenor Myanmar changed hands, it became very difficult for us because the new owner is a group that invested in the construction of Mytel’s towers and it would favor the junta over its other customers,” he said.

“We won’t be using it anymore. We are now looking for another operator and many of my friends are thinking along the same lines.”

Zaw Naing, chief executive of Mandalay Technologies, told RFA that no telecom is strong enough to stand up to the military if it decides to violate the privacy of the public.

“The main thing we should keep in mind is, regardless of whether M1 is affiliated with the military or not, there are no longer any protections for our personal freedoms since the junta took power,” he said.

“This lack of protection means that they can violate your privacy at will. For example, they can access our bank accounts at any time. They can also listen to our telephone conversations whenever they want.”

Thirteen days after the coup, military chief Senior Gen. Min Aung Hlaing suspended Articles 5, 7 and 8 of the Law on the Protection of Citizens’ Personal Freedom and Security, which regulate the interception of or interference in any communication device and allow telecoms to refuse government requests for the records of electronic communication devices.

Reported by RFA’s Myanmar Service. Translated by Khin Maung Nyane. Written in English by Joshua Lipes.

Tax Hike on Rich May Be Needed to Pay Thailand’s Pandemic Debt, World Bank Says

Thailand’s super rich may ultimately have to pay more in taxes to address the $45 billion in government borrowing during the coronavirus pandemic, World Bank economists said Thursday, as the country struggles to roll out vaccines to flatten the curve of its worst COVID-19 outbreak.

The kingdom, one of Asia’s least equal societies, is home to 52 billionaires, according to the Shanghai-based Hurun Rich List, the most in Southeast Asia, and outstripping Italy, Japan and Singapore.

Many have multiplied their fortunes during the pandemic — including Dhanin Chearavanont, Thailand’s richest man, with net worth of $18.1 billion on the 2021 Forbes list.

Conversely, millions of Thais have become unemployed — including an uncounted army of informal workers from tuk-tuk drivers to street vendors — while household debt has surged to 90% of gross domestic product.

Yet tax rates remain relatively low, including a 20% corporate tax — only Singapore and Brunei have a lower rate in Southeast Asia — while capital gains on asset sales go untaxed in Thailand.

With millions stricken by debt and the risk of new coronavirus variants compounding a stuttering vaccine rollout, the World Bank warned the government may be forced to go back to the banks for more cash to feed into the economy.

To plug the record borrowing authorities could turn to “high net worth individuals” once the course for recovery is set, said Kim Edwards, a World Bank senior economist, adding that some “generous deductions” could be reformed.

“Personal income tax collection is quite a way short of what it could be… tax compliance and potentially increasing top tax rate, increasing capital gains and property taxes,” could also be ways to eat into the deficit, he added, during a virtual press conference on the release of the bank’s semiannual report on the country’s economy.

Neighboring Malaysia has a 24% corporate tax rate, while the Philippines goes up to 30%.

“It is less clear why these tax reforms should not work in Thailand,” Birgit Hansl, the bank’s country manager for Thailand, told reporters.

Thailand’s business clans are deeply dependent on politics and make regular public donations to the monarchy often televised in great ceremony led by King Maha Vajiralongkorn, by many estimates the world’s richest monarch, with a private fortune valued at between $30 billion and $70 billion.

Tax increases for the rich in an economy dominated by monopolies are among the calls of pro-democracy protesters, whose rallies are again simmering as the economy tanks and sinks into a public health crisis.

Stunted recovery

In its “Thailand Economic Monitor – the Road to Recovery,” the bank said Thailand’s economy could grow by 2.2% this year if it is able to swiftly batter back the virus that has killed 2,938 since April and led to 343,352 infections as the alpha and delta variants rip across the country.

Authorities have virtually locked down Bangkok and several other provinces, warning of a looming crisis at hospitals where ICU beds are now in short supply.

However, about 3.4 million people, or just 4.8%, of the nearly 70 million population, have been fully vaccinated, according to Thai health authorities.

If the virus continues to spread, the World Bank said the country’s growth could be reduced to a measly 1.2% this year, well below regional projections.

The country is trying to lure back vaccinated visitors, starting with the islands of Phuket and Samui, which reopened on Thursday as the country looks to resuscitate a key sector that accounted for around a fifth of GDP before the pandemic.

Thailand recorded 40 million tourist arrivals in 2019, but the expected number in 2021 has been lowered sharply from a previous forecast of 4 million to 5 million to just 600,000, the bank said.

The arch-royalist government of Prime Minister Prayuth Chan-ocha has pumped $45 billion into the economy to provide relief to the unemployed and stir spending with $15 billion about to be dispersed in coming weeks.

The report praised the government’s massive stimulus, which began in April of last year.

It forecast that a strong rebound in global demand will likely bring an export boom to Thailand, giving the government the ability to borrow further should it need to.

However, the latest outbreak has thrown a cloud over the recovery.

Vaccines are seen as the only way out of the pandemic, but the biggest risk is that vaccine progress “is not as fast as we hoped for,” Hansl said.

Source: Voice of America

Indonesia Posted More than 54,000 New COVID Infections on Wednesday?

Indonesia, the world’s fourth-largest nation, is the latest hotspot for the fast-moving, highly contagious delta variant of COVID-19.

The nation reported more than 54,517 new coronavirus infections Wednesday, a new single-day record, along with 991 deaths. Hospitals on Java island are overflowing with infected patients and residents scrambling to find oxygen tanks to treat family members isolating at home.

Indonesia’s rising daily COVID-19 rates have begun to outstrip that of India, where the variant was first detected. India endured a disastrous outbreak earlier this year, with a peak of more than 400,000 daily cases in early May, now down to about 40,000.

The Associated Press says about 1.5 million doses of the two-dose Moderna vaccine are set to arrive in Indonesia from the United States Thursday, coming on the heels of three million doses that arrived Sunday. Only 15 million of the country’s 270 million people have been fully vaccinated against COVID-19.

Lockdown in Victoria state, Australia

The delta variant outbreak continues to wreak havoc in Australia, where officials in the southern state of Victoria imposed an immediate five-day lockdown Thursday as the number of new cases there rose to 18 in just over two days.

Victoria state Premier Daniel Andrews said the state’s six million residents, including its capital Melbourne, will only be able to leave home for medical reasons, essential work, school, grocery shopping, exercise and getting vaccinated. The lockdown is Victoria state’s third lockdown this year and its fifth since the start of the pandemic.

“We would prefer that we didn’t have to deal with these issues, but this is so infectious, this is such a challenge that we have, we must do this,” Andrews told reporters in Melbourne. “You only get one chance to go hard and go fast.”

The latest stay-at-home order for Victoria state comes a day after neighboring New South Wales state extended the current lockdown for its capital, Sydney, for another two weeks.

The lockdown was first imposed on June 26 after a Sydney airport limousine driver who had been transporting international air crews tested positive for the variant. More than 800 people have since been infected, including 97 new infections reported Wednesday.

Two people have died in the current outbreak.

Sydney’s five million residents are only allowed to leave home for work, exercise, essential shopping or medical reasons, while schools and many non-essential businesses are closed.

Australia has been largely successful in containing the spread of COVID-19 through aggressive lockdown efforts, posting just 31,513 total confirmed cases and 912 deaths, according to the Johns Hopkins Coronavirus Resource Center. But it has proved vulnerable to fresh outbreaks due to a slow rollout of its vaccination campaign and confusing requirements involving the two-shot AstraZeneca vaccine, which is the dominant vaccine in its stockpile.

Overall, Australia has administered over 9.4 million doses of vaccine to its population of more than 25 million people, or less than 10%, according to Johns Hopkins.

The current worldwide toll from the COVID-19 pandemic now stands at 188.4 million confirmed infections, including over 4 million deaths.

Source: Voice of America

While Southeast Asia Battles COVID-19 Outbreak, Doubts Linger Over Sinovac Vaccine

The highly contagious delta variant of the coronavirus is rapidly spreading in Southeast Asia as concerns mount over the efficacy of China’s Sinovac Biotech vaccine, which has been used in several countries in the region.

Questions over the effectiveness of Beijing’s vaccine have prompted some governments, including Thailand’s, to consider giving people vaccinated with the Sinovac CoronaVac a booster shot, this time from another vaccine manufacturer such as AstraZeneca.

Sinovac is one of seven coronavirus vaccines that have received emergency use approval by the World Health Organization. Studies on the efficacy rate are ongoing, but Sinovac appears to be less powerful against the virus than other COVID-19 vaccines.

In Indonesia, the majority of vaccine doses offered so far — nearly 90% — have been made by Sinovac.

Concerns about Sinovac have made some Indonesians hesitant to receive the shot. One-third of residents in the province of Jakarta said they are still undecided about whether to be vaccinated, according to a recent poll.

Ismayanti, 25, of Jakarta, told VOA that she is interested in getting vaccinated, but not with the Sinovac vaccine.

“From the start, I was doubtful. Because [the World Health Organization] didn’t immediately support or admit that Sinovac was effective. I still don’t want to use it. Moreover, there are many doctors who died of COVID even though they had been fully vaccinated with Sinovac,” Ismayanti said.

The Indonesian Medical Association said last month at least 10 doctors who were fully vaccinated with two doses of the vaccine have died.

Wahyu Jaya, a 30-year-old employee in Jakarta, told VOA, “If it’s not that effective, why would I want to put it in my body? And since I’ve experienced COVID symptoms and the antigen test came back positive, I want to be sure. I’m ready to receive the vaccine, but, if possible, not this Sinovac.”

Indonesia, the world’s fourth most populous country, with more than 275 million people, has recorded more than 2.67 million cases of COVID-19 and 69,210 deaths, according to the Johns Hopkins Coronavirus Resource Center. The country has administered more than 52 million vaccine doses, according to Johns Hopkins.

‘Not the time to be picky’

Septi Diah, a 28-year-old employee in Jakarta who has been vaccinated, said she does not doubt Sinovac’s efficacy.

“Since the beginning of the pandemic, I had really wanted to be vaccinated, no longer thinking about which manufacturer or what brand the vaccine is from … because we are in an unusual situation. So, in my opinion, now is not the time to be picky,” Septi said.

Ray Indra, 34, a small-business owner in Jakarta, echoed the sentiment.

“Basically, I have no problem using any vaccine, because previously my wife was vaccinated using AstraZeneca and saw the side effects,” Ray said. “After that, I was vaccinated with Sinovac independently… Even though there are friends who have been vaccinated twice with Sinovac, they still get COVID-19, but the symptoms are not like those who were not vaccinated.”

Before the recent surge in COVID-19 cases in Indonesia, a study among Indonesian health workers in May showed that Sinovac’s vaccine could reduce the risk of developing symptomatic COVID-19 by 94% and that it was 96% effective in reducing the risk of having to be hospitalized.

Sinovac, and another Chinese vaccine maker, Sinopharm, have said they are studying how well their vaccines work against the delta variant, but have yet to release any data, according to The Wall Street Journal.

Overall, little peer-reviewed data on the Sinovac vaccine are available. What information is available suggests that the vaccine is less potent than other COVID-19 vaccines, though it still gives users significant protection.

In June, the government of Uruguay released data showing Sinovac reduced COVID-19 infections by 61%, hospitalizations by 92% and deaths by 95%.

The New England Journal of Medicine published a study in early July that used results from a mass vaccination campaign that began in February in Chile. The study results showed Sinovac reduced COVID-19 infections by 65.9%, is 87.5% effective at preventing hospitalizations and 86.3% effective at preventing deaths.

In comparison, the WHO says the Pfizer vaccine is 95% effective at preventing symptomatic infection and the Moderna vaccine is 94% effective.

Public Health England said last month its analysis of how well the vaccines work against the delta variant suggests the Pfizer shot is 96% effective against cases severe enough to require hospitalization, compared to 92% for the AstraZeneca vaccine.

In Cambodia, Sinovac doses represent a much smaller proportion of the vaccination effort than in Indonesia, but are still a major part of the campaign that has given at least one dose of a vaccine to about 5 million people.

Health Ministry Secretary of State Or Vandine told VOA Khmer that vaccines used in Cambodia’s mass vaccination drive – Sinovac, Sinopharm and AstraZeneca – were effective in preventing severe illness and death, but that fully vaccinated people still needed to observe COVID-19 measures, like mask wearing and social distancing.

Chea Phenghour, 21, a third year student of civil engineering at Norton University in Phnom Penh, said he was vaccinated with two doses of Sinovac in early June, though he is unsure about the efficacy level.

“I don’t know exactly the efficacy,” he said. “But I don’t strongly rely on vaccines. I have to be careful by myself. If we freely go out in the gathering, vaccines can’t help fight [the virus].”

Sinovac vaccine doses have also been a big part of the COVID-19 vaccination efforts in the Philippines and Thailand, but both countries have also relied on a significant portion of doses from other manufacturers such as Pfizer and AstraZeneca.

Indra Yoga, Sun Narin, Aun Chhengpor, Steve Baragona, Luke Hunt contributed to this report.

Source: Voice of America

Iran Reports 23,371 New COVID-19 Cases, 3,440,400 In Total

TEHRAN– Iran yesterday reported 23,371 new COVID-19 cases, raising the country’s total infections to 3,440,400.

The pandemic has so far claimed 86,391 lives in Iran, up by 184 in the past 24 hours, the Iranian Ministry of Health and Medical Education said.

A total of 3,069,943 people have recovered from the disease, or been discharged from hospitals across the country, while 3,963 remain in intensive care units, according to the ministry.

By yesterday, 5,331,780 people have received their first dose of coronavirus vaccines in the country, with 2,191,936 taking both doses.

Iranian health authorities have re-imposed restrictions, amid the spread of the Delta variant of COVID-19 in the country, as the number of infections has been rising steadily in most parts of Iran over the past few days.

Iran reported its first cases of the disease in Feb, 2020.

Source: NAM NEWS NETWORK