ATLANTA, Sept. 18, 2024 /PRNewswire/ -- Vestel announced today that it has partnered with VIDAA as one of its strategic platforms for recurring revenues by signing an MoU to acquire a 4,64% ownership stake in the fastest growing Smart TV platform in the world. The acquisition will strengthen Vestel's position in the highly competitive Smart TV market and support the company's transition into an integrated provider of home solutions. The platform will serve as component of Vestel's integration of home appliances, Smart TVs, and energy solutions into a unified offering as part of Vestel's global ambitions.
Vestel's entry into the Smart TV operating system space as a shareholder marks an important milestone in their efforts to transition from a maker of devices and appliances to a provider of integrated solutions, which will allow the company to monetize on the lucrative smart home market, which is expected to grow by an average of 22,9% annually in the next 8 years. Vestel's capability to tap into this lucrative industry, valued at more than USD120 billion this year, will allow it to generate recurring revenues from devices it sells in the market, provide services to its growing customer base, and capitalize on the rich and extensive dataset generated by hundreds of millions of connected devices globally. This will allow not only a new revenue flow but will position Vestel as a key player in the future connected home where direct access to consumers will be the most valuable asset of any company in the industry.
By acquiring a stake in VIDAA, Vestel also formed an important partnership with Hisense, which initiated VIDAA International Holdings BV in 2019. Both companies are aligned in their belief that the industry needs an open platform like VIDAA to accelerate product development and enhance customer experiences across the globe. This strategic cooperation will also provide a quality foundation for potential cooperation in other fields, especially in the field of connected devices. Today VIDAA has over 30 million connected devices globally and was the fastest growing platform in 2023 according to Futuresource Consulting. It was also the second largest platform in sales in the first quarter of 2024 with a 7,8% global market share, according to the CTV Marketing Association. The platform is leveraging Hisense's and Toshiba's global growth as well as expanding to hundreds additional brands across the world.
The partnership with Vestel will allow VIDAA to strengthen its position in key global markets. At the same time, Vestel will have the opportunity to utilize one of the most advanced platforms ever developed, renowned for its speed, ease of use, and security in providing its customers access to global and local entertainment. A sustainable and future-proof turnkey solution with all the capabilities required of a future connected home platform, will allow Vestel to focus even more on designing the best products and transitioning its business towards a connected and interoperable future.
Ergün Güler, CEO of Vestel, highlighted that this partnership is in line with Vestel's global vision. "As the first Turkish company to take such a significant step in the world of TV platforms, we have achieved a major milestone in our global growth strategy. By partnering with VIDAA, the world's second-largest TV platform, we have taken a significant step towards our international goals". Güler further emphasized that their partnership with VIDAA International Holdings BV, which was initiated by Hisense, the second-largest TV manufacturer globally and the largest in China, exporting to over 160 countries, will position them prominently within the global TV platform ecosystem. "Hisense is a global powerhouse, not only in TV production but also with its innovative technologies and robust international sales network. Through this partnership, we will closely collaborate with Hisense, which is the main sponsor of UEFA EURO 2024â„¢ this year. The synergy between the two companies will allow us to make even greater strides in global markets," he added.
"When we established VIDAA, we promised our partners that VIDAA will be the most open platform in the industry and will welcome all partners to join as we will never compete with our OEM partners, content providers, and advertisers. Our goal is to provide the best marketplace in the industry for our partners to grow. With Vestel joining VIDAA today it shows how open we are to bring in additional partners to join VIDAA. We are proud to have a reputable company like Vestel become a shareholder in our company and join Hisense on this great journey," said Guy Edri, VIDAA's CEO.
As a part of the agreement Vestel will acquire a 4.64% interest in VIDAA International Holdings BV, the holding company of VIDAA, at a valuation of more than USD 1 billion. The transaction will be completed before the end of the year, making it one of VIDAA's leading strategic shareholders.
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VIDAA is chosen by Vestel as one of its strategic platforms, with Vestel acquiring a 4.64% stake in company
SHANGHAI, Sept. 19, 2024 /PRNewswire/ -- Abbisko Therapeutics (HKEX: 02256) is excited to announce the receipt of the ESMO 2024 Best Poster Award on September 16, 2024. The award was received for the presentation titled "Updated Safety and Efficacy of Irpagratinib (ABSK011) in advanced hepatocellular carcinoma (aHCC) with FGF19 overexpression from a Phase 1 study". The update data from ABSK-011-101 study showed a tolerable safety profile and promising anti-tumor activity of Irpagratinib monotherapy in aHCC. Of note, in aHCC patients who were pretreated with both immune checkpoint inhibitor (ICI) and Tyrosine Kinase Inhibitor (TKI)—a population with high unmet need in the current treatment paradigm—the observed ORR and DCR was 44.8% and 79.3%, respectively, with a median duration of response (mDoR) of 7.4 months and median progression free survival (mPFS) of 5.5 months.
The poster, #983P, was presented at the Hepatocellular Carcinoma poster session on Sunday, September 16, 2024. The Best Poster Award was given at the conclusion of the Sunday Poster Session, with only one recipient being honored in HCC poster session.
As of September 5, 2024, 122 patients have been enrolled, including 74 in the BID cohort with doses consisting of 160mg BID, 220mg BID, and 300mg BID. 5.4% of patients were BCLC Stage B, and 89.2% BCLC Stage C, 64.9% had a Child-Pugh (CP) Score of 5, 27% CP Score of 6, and 6.8% CP Score of 7. 64.9% of patients received multiple lines of prior therapy, 85.1% of patients had previously been treated with ICIs, and 75.7% of patients had previously been treated with both ICIs and mTKIs.
The efficacy data show that forty pre-treated HCC patients with FGF19 overexpression were treated with irpagratinib 220 mg BID. Among the 38 evaluable patients, the response rate was 36.8% (14/38), and the disease control rate (DCR) was 78.9% (30/38). The response rate from the subset of patients who had previously received ICI and mTKI therapy was 44.8% (13/29). The longest observed DoR was 16.4 months and the mDoR was 7.4 months. DCR was 79.3% (23/29). mPFS was 5.5 months.
Safety data show one dose-limiting toxicity (DLT) was observed in the 300 mg BID cohort. The most common treatment-related adverse effects (TRAEs, >20%) were ALT elevation, diarrhea, AST elevation, hyperphosphatemia, bilirubin elevation, alkaline phosphatase elevation, platelet decrease, and total bile acid elevation. Grade 3-4 treatment-related adverse events (>5%) included AST elevation, ALT elevation, and diarrhea. No grade 5 adverse events occurred.
HCC is the main type of liver cancer, accounting for 85% to 90% of primary liver cancers. HCC is highly malignant, about 30% of which have abnormally high FGFR4 expression and a poor prognosis, and the existing treatment methods still cannot meet the long-term survival benefits. Currently, there is no approved standard of care for HCC patients who have progressed from first-line ICI-based therapies. The FGF19/FGFR4 signaling axis could be a novel therapeutic target for HCC. ABSK-011, a potent FGFR4 inhibitor, demonstrated a tolerable safety profile and promising anti-tumor activity as a single agent. Notably, the irpagratinib 220mg BID regimen exhibited a 44.8% ORR, 7.4 months mDoR and 5.5 months mPFS in heavily pre-treated HCC patients who had received both ICI and mTKI therapy, supporting further late-stage development of irpagratinib in such populations with substantial unmet medical need.
In addition, the design of the phase II study of pimicotinib in combination with chemotherapy and with/without toripalimab as first-line treatment for advanced pancreatic ductal adenocarcinoma (PDAC) has been presented.
About Irpagratinib (ABSK011)
Irpagratinib is a highly selective FGFR4 small molecule inhibitor intended for the treatment of advanced solid tumors that present with abnormalities in the FGF19/FGFR4 signaling pathway (e.g., ligand FGF19 amplification/overexpression, FGFR4 mutation/amplification/fusion), including advanced HCC, cholangiocarcinoma, breast cancer, among others. The FGFR4 signaling pathway is a recognized and promising target for treating HCC. Clinical data with irpagratinib have demonstrated improved potency and anti-tumor efficacy, among other favorable therapeutic properties, compared to competitors.
About Abbisko Therapeutics
Founded in April 2016, Abbisko Therapeutics Co., Ltd., a subsidiary of Abbisko Cayman Limited (Stock Code on the Hong Kong Stock Exchange: 2256.HK), is an oncology-focused biopharmaceutical company founded in Shanghai, dedicated to the discovery and development of innovative medicines that treat unmet medical needs in China and globally. The Company was established by a group of seasoned drug hunters with rich R&D and managerial expertise from top multinational pharmaceutical companies. Since its founding, Abbisko Therapeutics has built an extensive pipeline of 16 innovative small molecule programs focused on precision oncology and immuno-oncology. Please visit www.abbisko.com for more information.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Best Poster of ESMO 2024! Abbisko Announces Updated Clinical Data of Irpagratinib in HCC
