On PR Newswire: NYC MetroCard Replaced by OMNY, Outrageous Expense Report Submissions Revealed, Pfizer to Acquire Array BioPharma
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire for Journalists. Here are some of this week’s most newsworthy:
Reflexions, a digital strategy and development firm, is pleased to announce the launch of OMNY, a new tap-and-go contactless fare payment system designed for New York’s Metropolitan Transportation Authority. The system will replace New York City’s iconic MetroCard used by the system’s 8 million daily riders.
Finance departments continually develop rigorous expense reporting guidelines, but that hasn’t stemmed the flow of eyebrow-raising requests by some employees, new research suggests. In a Robert Half Management Resources survey, 56% of CFOs cited an increase in the number of inappropriate reimbursement submissions over the last three years. Some of the more egregious infractions included a cow, Super Bowl tickets, and invoices for another company.
Sotheby’s on June 17 announced that it has signed a definitive merger agreement to be acquired by BidFair USA, an entity wholly owned by media and telecom entrepreneur as well as art collector, Patrick Drahi. Under the terms of the agreement, which was approved by Sotheby’s board of directors, shareholders, including employee shareholders, will receive $57 in cash per share of Sotheby’s common stock in a transaction with an enterprise value of $3.7 billion.
Pfizer Inc. and Array BioPharma Inc. announced on June 17 that they have entered into a definitive merger agreement under which Pfizer will acquire Array, a commercial stage biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule medicines to treat cancer and other diseases of high unmet need. Pfizer has agreed to acquire Array for $48 per share in cash, for a total enterprise value of approximately $11.4 billion.
A 2019 Edelman Trust Barometer Special Report, In Brands We Trust?, prepared for the Cannes Lions International Festival of Creativity, finds that only one third of consumers (34%) trust most of the brands they buy or use. The survey of 16,000 people in eight countries reveals that brand trust (81%) is a deal breaker or a deciding factor when they’re considering a purchase, trailing only quality (85%), convenience (84%), value (84%) and ingredients (82%).
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Larry Grady is online content manager at PR Newswire for Journalists. He has worked in business media for nearly 30 years and enjoys reality TV and daydreaming about travel and wine.