AGS Associates

Disney's kingdom is expanding 🎢 The Walt Disney Co. has announced plans to expand its theme parks, including the largest-ever addition to Orlando, Florida's Magic Kingdom. Disney's Animal Kingdom in Orlando will also be getting a new land, Tropical Americas, set to open in 2027. In June, the Central Florida Tourism Oversight District provided initial approval for Disney to build $17B more worth of parks across 17,000 acres of land owned by the company over a 15-year period. The deal includes a 'buy local' initiative that requires that a minimum of 50% of construction goods and services related to design, development and construction is with Florida businesses. #construction #USconstruction #disneykingdom #disneyconstruction

In tone-setting verdict, FDA rejects MDMA as a therapy aid for PTSD 🔬 The Food and Drug Administration has rejected a bid to get MDMA approved as a therapy aid for people with post-traumatic stress disorder, a decision that puts off a major milestone for the field of psychedelics. The verdict Friday comes at a pivotal time for this area of research, which has, after decades of dismissal from top drug regulators and companies, recently gained momentum through the work of advocacy groups and organisations like the Department of Veterans Affairs. According to Lykos, the FDA concluded that it couldn't approve the therapy based on the data submitted, and requested the company run another Phase 3 trial to further study the safety and efficacy of MDMA. Lykos said it plans to ask for the agency to reconsider its decision. #biopharma #USbiopharma #psychedelics #FDA

US hotel construction pipeline grows to new highs - again 🏨 For another consecutive quarter, the total US hotel construction pipeline grew to new highs. In the second quarter of 2024, the total hotel pipeline reached a record 6,095 projects, or 713,151 rooms - growing 9% and 8% year over year. Dallas led all other US markets for the largest hotel construction pipeline in Q2, with 189 projects, 4 project shy of its record-high at the end of Q4 2023. Atlanta followed with a record high 159 projects, or 18,522 rooms. Across all markets, extended stay remained a priority for developers in Q2. The category accounted for 36% of the total projects under construction. Over half of the hotels that have already opened in 2024 are upscale and upper midscale, which forecasts that the two segments will have the highest growth rates through 2026. #construction #commercialconstruction #USconstruction #hotelconstruction

Autobahn raises $100M on investor interest in neuropysch drugs 🧠 San Diego biotechnology company Autobahn Therapeutics on Wednesday said it raised $100M to advance an experimental mood disorder medicine into mid-stage testing. The company, which launched in 2020, is developing the drug for major depressive disorder and bipolar disorder depression. Called ABX-002, the drug works in a somewhat similar fashion to Madrigal Pharmaceuticals' Rezdiffra, by stimulating thyroid hormone receptors. Psychiatrists have used synthetic thyroid hormone off-label for years to treat depression, but the drugs aren't approved for that use and come with the risk of cardiac side effects. Psychiatry drugs have drawn more investment from pharma recently, with big buyouts of schizophrenia drug-makers Karuna Therapeutics and Cerevel Therapeutics two notable examples.

Let the games begin: A glimpse at Paris' new Olympic venues 🏟 Despite hosting 10,000 athletes competing in 329 medal events at the Summer Games, the city has seen the construction of only a few new sports facilities. Opened in May, the Aquatics Centre venue cost $190M and was built by Paris-based Bouygues Construction. Additionally, the open-air Le Bourget Sports Climbing venue will be a permanent fixture after the Games are over. The Porte de la Chapelle Arena is the site for badminton and rhythmic gymnastics - it was the only new venue to be built in the middle of the city for the Games. The arena has a capacity of 8,000 and will also host badminton and powerlifting at this year's Paris Paralympic Games. The lack of major new construction in Paris is a departure from previous Olympics. In 2021, eight new permanent venues and ten temporary facilities went up for the Tokyo Games.

Happy 4th July to our U.S. network!

Reach out to Anna Reed directly if you're interested in joining our London team! We are currently hiring for our July and September Development Programmes.

Please reach out to Anna Reed (Anna.Reed@agsassociates.com) if you are interested in joining AGS Associates for our July and September Development Programmes.

Brain drug developer Alto Neuroscience prices $129M IPO 💵 Another biotechnology company has hit Wall Street via an initial public offering, the third to do so this year in an uptick of IPO activity that suggests rebounding investor interest in life sciences stocks. Alto Neuroscience raised about $129M on Thursday, selling 8,040,000 shares at $16 apiece. Alto's pricing follows January IPOs from CG Oncology and Arrivent Biopharma. Combined, the three have raised $684M, significantly more than what the first three biotechs to price IPOs last year raised. Alto is developing drugs for central nervous system diseases, focused on conditions such as major depressive disorder, post-traumatic stress disorder and schizophrenia. Its approach relies on developing new biomarkers to identify people most likely to respond to its treatments. #biopharma #neuroscience #ipo #biopharmaipo

Walmart announces ambitious 5-year growth plan 🛒 Walmart announced Wednesday a five year plan to build or convert more than 150 locations while simultaneously continuing its efforts to remodel existing stores. Over the next 12 months, the retail giant said it aims to remodel 650 stores across 47 states and Puerto Rico. President and CEO John Furner said the company is 'finalizing construction plans' on 12 new stores it aims to start building this year. Neighbourhood Markets in Santa Rosa Beach, Florida, and Atlanta will be the first locations to open later this spring. The newly opened and remodelled locations are also more sustainable than previous builds, with energy-efficient equipment and lighting, lower-impact refrigerants and more. #construction #constructionindustry #commercialconstruction #walmart