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Wednesday, April 22, 2026

Healthcare REIT National Healthcare Properties prices IPO at $12, below the range

 National Healthcare Properties, a healthcare REIT focused on outpatient medical and senior housing properties, raised $462 million by offering 38.5 million shares at $12, below the $13 to $16 range.


National Healthcare Properties is a self-managed real estate investment trust that owns a portfolio of senior housing and healthcare properties across 29 states. The company operates through two primary segments: Senior Housing Operating Properties, which consists of assisted living and memory care communities operated under RIDEA structures, and Outpatient Medical Facilities, which comprises medical office buildings largely affiliated with or adjacent to hospital systems. The SHOP portfolio is managed through third-party operators, while the OMF segment transitioned to in-house property management in 2025. Top MSAs include Philadelphia, Orlando, and Miami. The REIT was previously managed by AR Global, prior to its 2024 internalization. The company plans to pay a quarterly distribution.

The New York, NY-based company will trade on the Nasdaq under the symbol NHP. Wells Fargo Securities, Morgan Stanley, BMO Capital Markets, Goldman Sachs, RBC Capital Markets, Baird, Capital One Securities, Fifth Third Securities, Huntington Investment, and KeyBanc Capital Markets acted as joint bookrunners on the deal.

U.S. Deploys Ukrainian Acoustic Sensors, Interceptor Drones At Prince Sultan Air Base

 Last month's Iranian drone strike on Prince Sultan Air Base in Saudi Arabia appears to have inflicted a costly toll on U.S. forces in the region. The attack destroyed a U.S. Air Force E-3 Sentry Airborne Warning and Control System aircraft and damaged multiple KC-135 refueling tankers, highlighting a major gap in U.S. air defenses against cheap attack drones.

Nearly a month after the drone strike on Prince Sultan Air Base, and following multiple reports that Ukrainian drone forces had been shifted into the region, Reuters confirmed Wednesday morning that the U.S. has deployed Ukrainian counter-drone technology to defend against Iranian-developed Shahed drones.

At the center of this new security effort to fortify the airspace above Prince Sultan Air Base against low-cost Iranian one-way attack drones is Sky Map, a Ukrainian command-and-control platform used to detect incoming drones. The coordinated response to Shaheds is the use of interceptor drones.

"There have been longstanding gaps in U.S. air and missile defense coverage around the world," said Timothy Walton, a senior fellow at the Washington-based Hudson Institute think tank. "This has been well understood. However, it hasn't been addressed."

Ukrainian drone experts reportedly traveled to the base in recent weeks to train U.S. personnel on Sky Map and the use of interceptor drones.

Sky Fortress, the Ukrainian company behind Sky Map, has been active extensively in the Eastern European theater, with more than 10,000 acoustic sensors deployed to detect Russian drone attacks.

The bigger story here is that Ukraine is emerging as a major dealer of the latest low-cost weapon technology forged through four years of war with Russia:

Our assessment is that, if we had to get granular, passive acoustic counter-drone detection will become a standard layer of air defense for U.S. military bases, data centers, critical U.S. infrastructure, and government buildings in the years ahead. As cheap attack drones proliferate, adopting passive acoustic sensing systems for early warning will help close the air-defense gap against them. Just wait until these early-detection systems are paired with 'micro' sentry guns and fully automated AI kill chains.

https://www.zerohedge.com/military/us-deploys-ukrainian-acoustic-sensors-interceptor-drones-prince-sultan-air-base-plug

Pivotal trial of Moderna's H5N1 bird flu jab gets underway

 The first volunteers in a large-scale trial of Moderna's mRNA-based vaccine against bird flu – long considered to be a pandemic threat – have received shots in the UK and US.

The mRNA-1018 shot targets a new strain of the H5N1 strain of the influenza virus that has been decimating bird populations around the world over the last few years, and has also caused problems with livestock and killed hundreds of people around the world.

While the threat to humans is still considered to be low at the moment, with most cases resulting from close contact with infected birds and poultry, there is a risk that a mutation in the virus could make it more easily transmissible between species and lead to a serious outbreak.

Experience with the COVID-19 pandemic has shown that mRNA vaccines – which can be produced more quickly at scale than conventional shots – are a key technology that can underpin a response to an emerging pandemic threat.

The phase 3 trial of mRNA-1018 will evaluate the vaccine's safety and immunogenicity in around 4,000 healthy adults aged 18 years and older in the UK and US, with volunteers now being sought from poultry industry workers and the over-65s, who are most at risk.

"The first-of-its-kind pivotal trial of an mRNA-based pandemic influenza vaccine underscores the potential of this technology to reshape how we confront emerging pathogens," said Dr Richard Hatchett, chief executive of the Norway-headquartered Coalition for Epidemic Preparedness Innovations (CEPI), which coordinates projects between public, private, philanthropic, and civil organisations.

"If successful, these efforts could transform our ability to respond swiftly and equitably to one of the world's most enduring threats," he added.

Earlier this year, UK trials also started of various vaccines designed to protect livestock from avian influenza, focusing initially on turkeys.

Around three-quarters of the subjects in the mRNA-1018 trial will be recruited in the UK, reflecting Moderna's close relationship with the country, where it opened a flagship pandemic vaccine facility last year. Arguably at least, that split also reflects the prevailing climate of vaccine scepticism in the US, particularly for mRNA shots, which have had their safety and efficacy questioned and federal funding cut under HHS Secretary Robert F Kennedy Jr.

The primary endpoints will be safety and serological measures of efficacy, including the formation of antibodies against the virus. If successful, the results will be combined with data from trials of Moderna's recently filed seasonal influenza vaccine, mRNA-1010, in regulatory filings, said the company.

If mRNA-1018 gets approved for marketing, Moderna has pledged to provide 20% of its manufacturing capacity to low- and middle-income countries at affordable pricing, as part of an agreement with CEPI, which stepped in to fund the project after US federal funding was withdrawn.

"Most people do not have any pre-existing immunity to the H5N1 viruses [and] as we saw during the COVID pandemic, when people lack immunity, viruses spread faster and cause more disease," commented Prof John Tregoning, a vaccine immunology expert at Imperial College London.

There is a need to prepare against a species jump to humans, and "vaccines are a key part of this preparation," he added.

https://pharmaphorum.com/news/pivotal-trial-modernas-h5n1-bird-flu-jab-gets-underway

FDA delays decision on Sanofi's subcutaneous Sarclisa

 The FDA has extended its review of a new subcutaneous formulation of Sanofi's multiple myeloma therapy Sarclisa – which has long played second fiddle to Johnson & Johnson's blockbuster rival Darzalex – by three months.

The US regulator was due to deliver a verdict shortly, but has now set an action date of 23rd July for its review of the new on-body injector (OBI) formulation of the anti-CD38 antibody, which is currently delivered by intravenous infusion.

Sarclisa (isatuximab) has been approved in the US since 2020, initially for relapsed/refractory multiple myeloma before moving into the frontline setting in 2024, and saw sales grow 28% to €588 million ($690 million) last year.

That is eclipsed by Darzalex (daratumumab), however, which made almost $4 billion in the first quarter of this year alone, and is available in both IV and subcutaneous (Darzalex Faspro) formulations.

The OBI version of Sarclisa could go some way to narrowing the canyon between the two drugs, and Sanofi has filed for approval of the new version across all of the drug's current indications.

The company did not give any explanation for the decision to extend the review, merely saying it is "committed to working closely with the FDA to bring this new advancement to patients and providers as quickly as possible."

The Sarclisa OBI – which uses a device developed by Enable Injections that can deliver high volumes of liquid therapies subcutaneously using a hidden, retractable needle – has already been recommended for approval in the EU across all the IV version's indications, with a final decision due in the coming months.

Data presented at last year's ASCO cancer congress showed that Sarclisa OBI was as effective as the current IV formulation when used as a second-line therapy for multiple myeloma, with a reduced treatment time and equivalent safety.

Tzield label widened

Sanofi announced better news from the FDA this morning with the approval of Tzield (tislelizumab), its first-in-class anti-CD3 antibody for delaying the progression of type 1 diabetes (T1D), in children as young as one. It was previously indicated only for patients aged eight and over.

The broader label has been approved on the strength of the PETITE-T1D phase 4 study, which showed young children with stage 2 T1D who were treated with the drug were less likely to progress to stage 3, where clinical symptoms like excessive thirst, frequent urination, weight loss, and fatigue start to occur.

Sanofi acquired Tzield when it bought Provention Bio for $2.9 billion in 2023. Sales of the drug in the US have been slow to take off, but grew 22% to €63 million last year, with a recent approval in Europe (as Teizield) expected to inject some additional momentum. Analysts have suggested that, in time, it could become a $1 billion-a-year brand, with approval in younger children the key to achieving that commercial potential.

https://pharmaphorum.com/news/fda-delays-decision-sanofis-subcutaneous-sarclisa

Operation Epic Fury humiliated 'experts,' redrew Middle East

 When Operation Epic Fury began almost two months ago, Washington’s class of self-proclaimed foreign policy experts began warning that it would lead to several unintended and alarmingly negative secondary consequences.

The general consensus seemed to be that, from President Donald Trump on down, the administration was not doing the long-term planning to prevent these bad outcomes, notably countries in the region shifting away from the U.S. to China, a broadening war led by Iran’s proxies and devastating spikes in energy prices. Even more shockingly, according to these experts, the president had not consulted with NATO allies before the action, depriving America of their critical support.

While Epic Fury is certainly not over and outcomes remain uncertain, we now have enough perspective to determine whether these dire prognostications have come to pass. The experts’ scorecard to date is not good.

First and foremost, China has not been anywhere near the conflict, either in terms of projecting power into the region to protect its own vital energy imports from the Gulf or in terms of bolstering its regional influence. On the contrary, angered by Iran’s ill-advised attacks on its neighbors, America’s partners in the Middle East have drawn closer together — and moved toward the U.S., not to mention Israel. The PRC has already lost Venezuela as a petro-vassal nation this year; now it faces the loss of Iran as well.

The much-vaunted "ring of fire" around Israel, coordinated by Iran’s terrorist proxies such as the Houthis, Hamas, the Shiite militias in Iraq and Hezbollah, has failed to materialize. The first three parties have been largely quiet to date, and the Jewish state has gone on the offensive against Hezbollah while engaging in historic diplomacy with Lebanon to come to a ceasefire, with the prospects of a normalization deal on the horizon. Iran and its proxies are very much on the outside looking in on this process, which makes them ever more irrelevant.

And then there are energy prices. While Iran’s threats to constrict global energy supplies through its claimed control of the Strait of Hormuz have caused prices to rise, predictions of $200-a-barrel oil have not been realized. Certainly, prices for products such as gasoline and jet fuel are uncomfortably high, but so far, an overall energy crisis has been averted.

One reason has been the successful regional pivot to pipelines bypassing the strait, notably by Saudi Arabia and the United Arab Emirates. Another is burgeoning U.S. production of oil and natural gas, both of which hit record highs during Epic Fury.

While this increased production has not entirely offset the restriction of exports from the Gulf, it has absorbed some of the shock to the U.S. economy that this would have caused historically. In particular, American production of natural gas has acted as a critical buffer as prices have remained stable while supply was restricted and prices soared in Europe and Asia.

Finally, the withholding of support from what Donald Rumsfeld would have called "old Europe" has not been material — primarily because it has been revealed that those countries do not have much to provide. After the original fit of pique with which Brussels, Paris, London and Madrid greeted Epic Fury, they have resorted to strongly worded statements and performative Zoom calls to demonstrate their solidarity, followed by pledges to secure Hormuz, on which they are highly dependent, after the real fighting has concluded. Their impotence is embarrassing, but at least it has been exposed, which can lead to the difficult but necessary discussions about the commitment of Europe’s largest economies to their own defense.

In better news, European members of NATO have not proven monolithic. "New Europe" countries such as the Baltics and Scandinavian countries, as well as Poland and Romania, have been supportive of the United States, possibly because they understand that while The New York Times was technically mistaken when it referred to the alliance as the "North American Treaty Organization," it was substantively correct that without America, NATO would not exist. Those countries seem much more concerned about protecting their security and economic ties with the U.S. than with posturing about capabilities that no longer endure.

As President Trump offers the Iranian regime a diplomatic ultimatum to accept an end to its nuclear program and to remove its highly enriched uranium or face military escalation, the situation remains fluid and tense, but the fact remains that many of the dire predictions experts made at the beginning of the war have not come to pass.

It remains to be seen how many other cherished assumptions will be shattered in the aftermath of Epic Fury, but one thing seems certain: President Trump has fundamentally reshaped the Middle East — and its future. Experts should take note.

American Air Explores Alaska Air Revenue-Sharing Deal

 


American Airlines Group Inc. and Alaska Air Group Inc. are pursuing potential revenue-sharing agreements and other strategic partnerships, people familiar with the matter said, in a push for scale as the US carriers grapple with higher costs and fierce competition.

The idea of a merger was raised as part of the talks around a stronger partnership, but did not get off the ground, said the people, who spoke on condition of anonymity because the matter is confidential.

https://www.bloomberg.com/news/articles/2026-04-22/american-air-said-to-explore-alaska-air-revenue-sharing-deal

Chinese intelligence company tracking US military assets during Iran operations

 Shanghai-based MizarVision has been publicly posting satellite imagery of American military movements throughout Operation Epic Fury, including locations of F-22 fighters, command and control aircraft, and aircraft carrier strike groups – with some sites subsequently targeted by Iranian retaliation.

A Chinese company that specialises in generating geospatial intelligence is actively tracking American military aircraft and ships involved in ongoing operations against Iran, highlighting the vulnerability of conventional armed forces to observation from satellites in low Earth orbit.

Shanghai-headquartered MizarVision has been posting satellite photos of US military activity throughout the past week to social media, including the movement of naval vessels and the location of both combat and support aircraft.

A number of the facilities and assets posted by MizarVision were subsequently targeted by Iran in missile and drone strikes, which were launched after the US and Israel initiated Operation Epic Fury on 28 February.

Thus far those ongoing airstrikes have killed Iran’s former supreme leader Ali Khameni and caused the widespread disruption of air travel in the Middle East. At least four US troops were killed in retaliatory strikes by Iran.

Three Boeing F-15E fighters from the US Air Force were also downed in an apparent friendly fire incident involving ground-based air defence systems in Kuwait. Qatar separately claims to have shot down two Iranian Sukhoi Su-24 attack jets.

Among the US assets catalogued by MizarVision in recent days and posted to the social media site X are Lockheed Martin F-22 stealth fighters parked on the ramp at Israel’s Ovda air base and a range of critical platforms staged at Saudi Arabia’s Prince Sultan air base, including seven Boeing E-3 airborne warning and control system (AWACS) jets and two Bombardier E-11 communications aircraft.

“Satellite imagery shows the US military continuously transporting supplies to Ovda air force base via [Boeing] C-17s,” MizarVision said on 27 February. ”During the same period, seven F-22s were parked on the tarmac, and four F-22s were spotted on the runway.”

Operation Epic Fury launched roughly 24h after that observation, which was accompanied by imagery, was posted to X.

Other key facilities have also been observed, including the al-Udeid air base in Qatar, which was targeted by Iran in a drone and missile attack.

Naval assets, including Washington’s two aircraft carriers in the region, were also located and tracked by MizarVision on their approach to the Middle East.

The company says satellites “continuously tracked” the USS Gerald R Ford, the US Navy’s newest and largest flattop, following the carrier’s departure from Souda Bay naval base in Crete late last week.

Images of the Ford posted on 26 February show Boeing F/A-18E/F Super Hornets and Northrop Grumman E-2D airborne early warning and control aircraft staged on the flight deck.

The same day, MizarVision posted photos of the USS Abraham Lincoln, the other aircraft carrier in the region, appearing to rendezvous with a resupply vessel in the Arabian Sea off the coast of Oman.

Separate analysis posted on 28 February shows how other open source tools can be combined with commercial satellite imagery to track carriers at sea.

Using imagery and flight tracking software, MizarVision followed a US Navy Boeing P-8A maritime patrol jet from Isa air base in Bahrain to an area in the Arabian Sea, where the Lincoln is known to be operating.

“The aircraft is suspected of providing protection and defence for the Lincoln,” MizarVision concludes.

Intelligence coming from the Chinese firm has not only been limited to the Middle East aera of operations.

On the same day it was tracking the Ford in the Mediterranean, MizarVision’s satellites photographed Diego Garcia – the Indian Ocean atoll where Washington leases an air base from the UK.

Photos of Diego Garcia’s runway posted on 26 February show US Lockheed F-16 fighters, Boeing KC-135 tankers and a number of heavy-lift transport aircraft, including C-17s and a Lockheed C-5 Galaxy.

UK Prime Minister Keir Starmer had notably refused to allow the US military to use Diego Garcia as a staging area for the Operation Epic Fury strikes against Iran, before reversing course late on 1 March under pressure from US President Donald Trump.

It is unclear if the Chinese imagery of American troop movements was used by Tehran to support its missile and drone strikes across the Middle East, but the deluge of material shows how difficult it has become to hide military assets from adversarial observers.

While attempting to avoid observation from orbiting reconnaissance has been a common practise since the Cold War, 20th Century spy satellites were large and relatively few in number, with limited ability to reposition.

The proliferated low-Earth orbit constellations of the 21st Century use a greater number of small, cheaper satellites that can provide global coverage at a fraction of the cost Cold War-era imagery required.

That substantially reduced price has allowed commercial operators to launch their own private satellite imaging and analysis services. The major players in the space are American firms Vantor (formerly Maxar Intelligence) and Planet Labs alongside Airbus Defence & Space in Europe.

MizarVision does not itself operate any satellites, but uses artificial intelligence and other remote sensing tools to rapidly scan and analyse commercially available imagery. However, the exact source of that imagery remains a matter of ongoing debate – one which the company does not disclose.

One option is China’s indigenously developed Jilin-1 constellation, although there is some scepticism that the Chinese satellites can provide the quality of resolution seen in MizarVision’s images.

The South China Sea Strategic Situation Probing Initiative (SCSPI), a group of China-based scholars and former People’s Liberation Army officers studying Chinese security matters, has suggested the true source of MizarVision’s imagery is Western companies.

”They are not Chinese satellite imagery. Judging by the satellite ephemeris, it is not difficult to find out that most of the original image are from some American and European companies,” the SCSPI posted to its official X account on 26 February.

Vantor tells FlightGlobal that is does not sell any imagery to Chinese entities, including MizarVision. Planet Labs also says that it has never sold images to MizarVision. Airbus had not responded to a request for comment at the time of publication.

Although ostensibly a private business, MizarVision, like all Chinese companies, is subject to the whims of China’s premier Xi Jinping and dictates from the ruling Chinese Communist Party – meaning the company could be obtaining and releasing geospatial intelligence at the direction of authorities in Beijing.

Notably, MizarVision’s account on X indicates the company only joined the social media site in January and made its first post on 24 February – as Washington’s Middle East build-up was getting underway.

Unlike government-operated spy satellites, commercial reconnaissance constellations carry no risk of exposing sensitive details around the technical capabilities of a particular platform or system. Protecting those so-called “sources and methods” is a key consideration when evaluating intelligence for public disclosure, both to prevent an adversary from discerning technical capabilities and to protect the identities of any human sources.

The availability of commercial imagery opens up new options for governments looking to make use of geospatial intelligence in more flexible ways.

Washington notably released commercially obtained images of Russian troop movements around Ukraine and Belarus in late 2021 and early 2022, in an attempt to convince European leaders that Moscow was preparing to invade, rather than conducting exercises as the Kremlin had been claiming.

The public release of such imagery sourced from government spy satellites would not have been possible, owing to concerns about inadvertently revealing the technical capabilities of those platforms.

At the recent Air & Space Forces Warfare Symposium in Denver, Colorado, an analyst from the Mitchell Institute for Aerospace Studies showed how commercially available imagery from Planet Labs could be used to estimate the annual output capacity of China’s military aerospace industry.

“I can assure you no classified sources or methods were harmed in making of this presentation,” J Michael Dahm, senior fellow at the Mitchell Institute, quipped.

Dahm says there are now privately operated constellations featuring “hundreds” of satellites providing “extremely high-resolution colour, as well as multi-spectral and near-infrared images” from orbit.

Notably, that imagery can be downloaded to analysts on Earth almost immediately after being captured – offering a cheap source of real-time intelligence that was until recently available to only the most sophisticated (and deep pocketed) national intelligence agencies.

Even as recently as the 1990s, some of the Pentagon’s most important orbital reconnaissance platforms did not have the ability to provide real time-imagery via digital uplink.

Dahm says the Lockheed KH-9 satellite, codenamed Hexagon, had to parachute film back to Earth for recovery and processing.

“After days or weeks of imaging, the film was rolled up into film recovery capsules and then ejected back to Earth like an escape pod,” Dahm said during his presentation in Denver.

“As the pods parachuted in over the ocean, a specially equipped [Lockheed] C-130 would snag the parachute with a trapeze, reel in the capsule and bring the film in to be developed,” he added.

Pilots of that aircraft, the Lockheed Martin JC-130, would visually line up a flight path to manually capture the incoming parachute with a winch system deployed from the rear cargo ramp.

Pickups were made off the coast of Hawaii, with JC-130s launching from Hickam AFB in Honolulu.

Those days are long past, and now scholars, journalists, industrial competitors and isolated authoritarian governments can gain access to sophisticated geospatial intelligence in almost real time.

While commercial imagery can provide advanced warning of strategic asset movements like E-3s and aircraft carriers, it can also provide tactical level intelligence to support the formation of kill chains.

Images of the al-Udeid air base in Qatar posted by MizarVision on 28 February showed the location of Patriot air defence batteries arrayed around the facility, which is Washington’s largest military base in the Middle East.

The addition of AI tools makes the availability of commercial imagery even more potent.

Making use of geospatial intelligence would have previously required a small army of highly skilled human analysts, who would identify the objects in frame and help assess their military significance.

Now, AI can rapidly analyse thousands of photos for key assets like an aircraft carrier at sea or a critical AWACS aircraft parked on the ground – and provide locations and timestamps to targeting officers.

However, the Pentagon is aware of the power of commercial satellite imagery, as evidenced by its public releases ahead of Russia’s invasion of Ukraine.

The US government has also demonstrated an awareness of how legions of analysts, hobbyists and journalists are using open source tools to monitor its military operations.

During the 2025 Operation Midnight Hammer strikes against Iranian nuclear facilities, the Pentagon sortied a flight of Northrop Grumman B-2 stealth bombers in the wrong direction to throw off observers using flight tracking software to monitor traffic around the B-2 fleet’s home base in Missouri.

As the feint was headed west over the Pacific, the actual strike force of B-2s travelled east over the Atlantic from Whiteman AFB on the non-stop, round-trip flight to Iran.

Just as they were aware of the risk posed by flight tracking software, planners at the Pentagon are likely cognizant of their exposure to commercial satellites.

This danger can perhaps be mitigated at the strategic level with secrecy and subterfuge around the movement of assets like stealth bombers and aircraft carriers.

But it is unclear if tactical level forces are prepared for near constant observation from orbit. Troop movements through a closely watched area of operations or forces defending fixed installations like air bases will face a much tougher challenge in trying to obscure their presence.

Much as Western armies and air forces are increasingly aware of the necessity to adapt their tactics and operations in the era of drone warfare, they will also need to adapt to a world in which cheap reconnaissance satellites are always watching.

https://www.flightglobal.com/fixed-wing/2026/03/chinese-intelligence-company-tracking-us-military-assets-during-iran-operations/