AGP Executive Report

Biotech Licensing: IMPACT Therapeutics signed an exclusive licensing deal with Pharmanovia for senaparib across Europe, MENA, Australia and New Zealand, with up to EUR 423.5m in upfront, milestones and royalties, and EMA acceptance for 1L maintenance therapy expected to land in 2H26. EU Health Regulation: Pfizer and BioNTech secured EU marketing authorisation for their 2026-2027 XFG-adapted COVID-19 vaccine, with manufacturing already underway for the coming respiratory season; the authorisation covers all EU states plus Liechtenstein and Norway. Energy & Industry Finance: The European Commission is offering interest-free EUR 1.5bn loans to scale EV battery production, with projects needing at least 10 GW annual capacity and funding up to 60% of eligible costs. Cross-Border Logistics: Europe’s heatwave is now hitting shipping too, as low Rhine and Danube levels threaten cargo capacity and disrupt industrial supply chains. Liechtenstein Industry Link: Oerlikon Balzers (Balzers) promoted its Baldia CVD diamond coatings for composite machining, targeting abrasive wear reduction and longer tool life. Crypto Compliance Watch: Binance’s Android app reportedly vanished from Google Play in some EU markets as MiCA rules fully took effect, while ESMA’s MiCA register added 15 new crypto-asset service providers, lifting it to 309.

Critical Minerals & Trade Deals: A new analysis says the Trump administration is hardwiring critical minerals into bilateral trade and investment agreements, shifting the rationale from climate to national security and military dominance. Border Tech for Industry & Travel: ETIAS is delayed to 2027, but the EU’s Entry/Exit System (EES) is already live—an operational change that affects cross-border passenger flows and logistics planning. Heatwave Disruptions: Europe’s heat is now hitting waterways too, with very low Rhine and Danube levels threatening shipping capacity and downstream industrial supply. EU Carbon Market Reform: The European Commission proposes slowing ETS emissions cuts from 2031, extending free allowances tied to climate investment plans—raising pressure on other sectors to compensate. Liechtenstein in the Spotlight (Pro Audio): Neutrik Americas’ president, Chris Neethling, highlights how the Liechtenstein-headquartered pro audio manufacturer is scaling globally. MiCA & Crypto Compliance: ESMA added 15 crypto-asset providers to its MiCA register (309 total), while Binance’s app availability reportedly vanished from Google Play in some EU markets. EV Batteries Funding: The EU plans EUR 1.5bn in interest-free loans to boost European EV battery production, with Liechtenstein and other EEA states eligible. Cutting Tools for Composites: Oerlikon Balzers promotes CVD diamond coatings for composite machining, targeting reduced abrasive wear and longer tool life. Pharma Regulation: Pfizer-BioNTech secured EU marketing authorisation for an XFG-adapted COVID-19 vaccine, valid across EU plus Liechtenstein and Norway.

EU biotech update: Pfizer and BioNTech got European Commission marketing authorisation for a monovalent COVID-19 vaccine adapted to the XFG variant, valid across all EU states plus Iceland, Liechtenstein and Norway, with manufacturing already started to be ready for the respiratory season. Climate policy: The EU is proposing Emissions Trading System reforms that would extend free allowances longer and shift more emissions pressure to non-ETS sectors, with negotiations now set to follow. EV battery push: The European Commission plans interest-free EUR 1.5bn loans (from ETS revenue) to scale European electric-vehicle battery production, with projects needing at least 10 GW annual capacity. Crypto regulation in practice: ESMA added 15 crypto-asset service providers to its MiCA register, bringing the total to 309, while Binance’s Android app reportedly disappeared from Google Play in some EU countries amid compliance questions. Liechtenstein-linked finance: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps. Industry tech: Oerlikon Balzers promoted its Baldia CVD diamond coatings for composite cutting tools, aiming to cut abrasive wear and extend tool life.

EU Pharma Supply Chain: The European Commission has authorized Pfizer-BioNTech’s 2026-2027 XFG-adapted COVID-19 vaccine for EU states plus Iceland, Liechtenstein and Norway, with manufacturing already started “at risk” and shipping set to begin soon. Crypto Regulation in Practice: Binance has reportedly vanished from Google Play in some EU markets (notably Spain and Latvia), with the exchange pointing to Google policy updates tied to MiCA compliance and saying it’s working on a fix. MiCA Register Update: ESMA added 15 new crypto-asset service providers to its MiCA register, bringing the total to 309, including BNY’s Belgian unit for custody and transfer services and new entries from Germany, Denmark and Liechtenstein. EV Battery Industrial Push: The European Commission is offering interest-free EUR 1.5bn loans to scale European EV battery production, with applicants in the EEA (including Liechtenstein) able to submit proposals until Sept 30. Liechtenstein Industry Spotlight: Pro-audio maker Neutrik marks its 50th anniversary and highlights its Liechtenstein roots and Americas leadership under Chris Neethling. Medtech Finance: Healthcare Holding Schweiz closed CHF 80m syndicated financing, with Liechtensteinische Landesbank among the syndicate, to fund further medtech acquisitions and build-out. Manufacturing Tooling: Oerlikon Balzers promotes Baldia CVD diamond coatings to cut abrasive wear and extend tool life for composite machining. Cross-Border Logistics Tech: The Port of Bilbao introduced a new digital Entry/Exit System to speed Schengen border processing for non-EU travellers, replacing manual passport stamping.

EU Battery Push: The European Commission will offer interest-free EUR 1.5bn loans to expand electric-vehicle battery production, with projects needing at least 10 gigawatts annual capacity and support covering up to 60% of eligible costs (up to EUR 500m), funded via ETS revenue. Border Tech & Shipping: The Port of Bilbao has rolled out a new digital Entry/Exit System for non-EU travellers, replacing manual passport stamping with biometric records to speed and secure ferry and cruise border checks. Liechtenstein-Linked Pro Audio Spotlight: Neutrik Americas’ president, Chris Neethling, highlights how the Liechtenstein-founded pro-audio maker has scaled globally beyond its connector roots. Cutting Tools for Composites: Oerlikon Balzers promotes its Baldia CVD diamond coatings to reduce abrasive wear and improve machining stability when cutting composite materials. Crypto Regulation in the Region: ESMA added 15 crypto-asset service providers to its MiCA register, bringing the total to 309, including a BNY unit in Belgium; separate reporting flags sanctions-evasion stablecoin marketing appearing on major platforms including Liechtenstein Cryptoasset. Banking Meets Crypto: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps. Liechtenstein in the Newswire: A Liechtenstein Cryptoasset mention appears in the sanctions-evasion stablecoin story, tying the jurisdiction to broader compliance and enforcement concerns.

Pro Audio Industry Spotlight: Neutrik’s Liechtenstein roots keep expanding through Neutrik Americas in Charlotte, with President Chris Neethling highlighting the group’s connector and power/communications portfolio built on decades of innovation. EV Battery Manufacturing Push: The European Commission is offering interest-free EUR 1.5bn loans (from ETS revenue) to scale electric-vehicle battery production, with Liechtenstein, Iceland and Norway eligible to submit projects. Surface Engineering for Manufacturing: Oerlikon Balzers (Balzers, Liechtenstein) is promoting CVD diamond coatings for composite cutting tools, aiming to cut abrasive wear and extend tool life in high-volume machining. Crypto Regulation in Europe: ESMA added 15 crypto-asset service providers to its MiCA register, bringing the total to 309, including a BNY Belgian unit approved for custody and transfer services. Liechtenstein in Crypto Infrastructure: A7A5 stablecoin marketing linked to sanctions-evasion reportedly appeared on major platforms including Liechtenstein Cryptoasset before being removed after questions. Banking Tech Upgrade: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps. Industrial Deal in Motion: Intamin group acquired UK immersive attractions specialist Simworx out of administration, keeping operations running and transferring staff and IP. Automotive Policy Watch: France and Germany plan a joint position on EU car rules and Industrial Accelerator Act content requirements, shaping how manufacturers qualify for support.

Crypto & Regulation: ESMA added 15 crypto-asset service providers to its MiCA register, bringing the total to 309; the latest entries include BNY’s Belgian unit for custody and transfer services, plus new providers across Germany, Denmark and others, including Liechtenstein. Local Finance Innovation: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps—an expansion that matters for Liechtenstein’s cross-border finance audience. Sanctions & Risk: The EU adopted its 21st Russia sanctions package, tightening controls across finance, energy, crypto and the military-industrial sector, while also amending Belarus measures. Industry Tech: Oerlikon Balzers (Balzers, Liechtenstein) promoted its Baldia CVD diamond coatings for composite cutting tools, targeting abrasive wear reduction and longer tool life in high-volume machining. Media & Distribution: HBO Max secured pan-European rights for Catherine Zeta-Jones thriller “Kill Jackie,” with availability including Switzerland and Liechtenstein via Prime Video. Business & Jobs: Intamin group acquired UK immersive attractions specialist Simworx out of administration, keeping 28 employees and continuing operations from the UK base. Policy & Trade: France and Germany pledged a joint position on EU automotive rules and Industrial Accelerator Act content requirements, aiming to protect a strong European manufacturing base while accelerating low-emission uptake. E-Waste Watch: A Philippines e-waste protest group joined SONA demonstrations, alleging illegal US e-waste shipments entering Subic Freeport and urging enforcement under the Basel Convention.

Crypto & Regulation: ESMA added 15 crypto-asset service providers to its MiCA register, lifting it to 309; Liechtenstein is among the countries with new entries, and BNY’s Belgian unit won approval for crypto custody and transfer. Sanctions Watch: A Russian $100bn stablecoin linked to sanctions-evasion activity (A7A5/WA7A5) was found promoted on Binance and Liechtenstein Cryptoasset, despite EU/US restrictions, before pages were taken down. Banking & Fintech: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps. Industry Policy: France and Germany pledged a joint position on EU car rules and “Industrial Accelerator” content requirements, aiming to protect manufacturing and speed zero/low-emission uptake. Medtech Finance: Healthcare Holding Schweiz closed CHF 80m syndicated financing with Liechtensteinische Landesbank among the syndicate, backing further medtech acquisitions. Local Business & Jobs: Intamin acquired UK immersive attractions specialist Simworx out of administration, keeping 28 employees and continuing operations. EU-Ukraine Supply Chain: The EU’s €90bn Ukraine loan framework now allows the UK to buy defence-critical products for Ukraine, expanding the supply base to include UK firms. E-Waste Pressure: END E-Waste Imports joined protests in the Philippines, warning of illegal e-waste shipments tied to a Subic Freeport case.

Automotive Policy: France and Germany are aligning on the EU’s automotive package and the Industrial Accelerator Act’s “European content” rules, aiming for technology-neutral CO2 standards plus a stronger EU manufacturing base and faster zero/low-emission uptake. EU Sanctions: The EU adopted its 21st Russia sanctions package and parallel Belarus amendments, tightening controls on finance, energy, crypto and military-industrial sectors and closing evasion loopholes. Medtech Financing (Switzerland/Liechtenstein-linked): Healthcare Holding Schweiz AG closed a CHF 80m syndicated financing to fund further medtech acquisitions and expansion, with Liechtensteinische Landesbank among the lenders. Crypto Banking (Switzerland): BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps. EU Climate Markets: The European Commission proposed reforms to the ETS, including longer free allowances tied to climate investment plans, alongside a new 2040 electricity target. EU-UK Defence Supply: The EU’s €90bn Ukraine loan framework now lets the UK buy defence-critical products from England, Scotland and Northern Ireland for Ukraine. Liechtenstein in the spotlight (mobility): The Henley Passport Index update keeps Liechtenstein’s “unicorn-per-capita” narrative in circulation and shows Canada edging ahead of the US on global passport mobility.

Liechtenstein-linked finance: Swiss cantonal bank BancaStato has launched regulated crypto trading via Sygnum and Avaloq, letting clients trade Bitcoin, Ethereum, Litecoin and Solana inside existing web and mobile banking apps—an “API-first” move that keeps custody and execution in the regulated stack. Medtech funding: Healthcare Holding Schweiz AG (a major Swiss medtech distributor with Liechtensteinische Landesbank in the syndicate) closed CHF 80m in syndicated financing to back further acquisitions and platform build-out. Industry & engineering deal: Intamin group acquired UK immersive attractions specialist Simworx out of administration, keeping 28 employees and continuing operations from the UK base. EU trade/defence procurement: The EU’s €90bn Ukraine loan framework now also lets the UK buy defence-critical products from England, Scotland and Northern Ireland firms, expanding the supply base for Ukraine. Policy watch for Liechtenstein firms: EU confirms South Korea’s GDPR adequacy remains in place after periodic review, so EU–Korea personal data transfers can continue without extra transfer tools. Mobility data: Henley Passport Index updates show Canada edging ahead of the US, while Liechtenstein remains highlighted in unicorn-per-capita rankings.

Liechtenstein Startup Benchmarking: Estonia’s “unicorns per capita” ranking is being marketed as a replicable digital-economy playbook, but analysts warn policymakers may chase the metric instead of the underlying conditions that actually drive venture creation. Privacy & Cross-Border Data: The EU confirmed South Korea’s GDPR-level adequacy in a post-Schrems II periodic review, meaning EU–Korea personal data transfers can continue without extra transfer tools. Media M&A Watch: Paramount paused its $111bn Warner merger for nearly a year as US antitrust challenges intensify, even though the EU had already granted conditional approval. Sanctions & Industry Exposure: The EU adopted a new Russia sanctions package plus Belarus amendments, tightening controls affecting finance, energy, crypto and the military-industrial supply chain. Fintech & Banking Tech: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps. Medtech Finance: Healthcare Holding Schweiz closed CHF 80m syndicated financing to fund further medtech acquisitions and build shared platform capabilities. EU Climate Policy: The Commission proposed reforms to the EU carbon market ETS from 2031, aiming for a more business-friendly approach while critics fear weaker climate incentives. Liechtenstein-Linked Mobility Data: Henley Passport Index updates show Canada edging ahead of the US on visa-free access, a reminder that mobility rankings keep shifting. Industry Dealmaking: Intamin group acquired UK immersive attractions specialist Simworx out of administration, preserving 28 jobs and continuing operations from the UK base.

Digital Economy & Startups: Estonia’s “unicorns per capita” ranking is being used as a policy target, but the story warns that the metric can mislead leaders into optimizing for the wrong drivers—useful context for Liechtenstein’s own innovation and scaling debates. Data Governance: The EU confirmed South Korea’s GDPR-era adequacy in a post-Schrems II periodic review, meaning EU–Korea personal data transfers can continue without extra transfer tools. M&A & Antitrust: Paramount paused its $111bn Warner merger as US court challenges intensify, even after EU conditional approval—another reminder that deal timelines can diverge across jurisdictions. Sanctions & Energy/Industry: The EU adopted its 21st Russia sanctions package plus Belarus amendments, tightening controls across finance, energy, crypto and LNG. Fintech & Banking: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, bringing BTC/ETH/LTC/SOL into existing banking apps. Medtech Finance: Healthcare Holding Schweiz closed CHF 80m syndicated financing to fund further medtech acquisitions. EU–Ukraine Defence Supply: The EU’s €90bn Ukraine aid loan framework now lets the UK buy defence-critical products for Ukraine, expanding the supply base. Liechtenstein-linked Industry: Intamin acquired UK immersive attractions specialist Simworx out of administration, keeping 28 jobs and continuing operations from the UK base.

M&A Watch: Paramount has paused its $111bn Warner merger for nearly a year as US antitrust challenges continue, even after the EU granted conditional approval—keeping the Hollywood deal in limbo while courts weigh whether it should proceed. Sanctions & Industry: The EU adopted its 21st Russia sanctions package, tightening controls aimed at Russia’s finance, energy, crypto and military-industrial sectors, including new measures affecting LNG and the oil price cap. Medtech Finance: Healthcare Holding Schweiz closed CHF 80m in syndicated financing to fund further acquisitions and expand its medtech buy-build-technologize platform, with Liechtensteinische Landesbank among the syndicate. Crypto in Banking: Swiss cantonal bank BancaStato launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing banking apps. EU Climate Policy: The European Commission proposed reforms to the ETS that would slow changes from 2031, extending free allowances tied to climate investment plans—sparking debate over whether it weakens emissions pricing. Liechtenstein Angle (Business): BNY Investments expanded its DACH distribution setup from Zurich, with Martin Rees adding responsibility for Liechtenstein alongside Switzerland, Germany and Austria.

Biopharma Regulation: NewAmsterdam Pharma and Menarini won a positive CHMP opinion for Ubeslo® (obicetrapib) and Evlarco® (obicetrapib/ezetimibe) in Europe, with an EC decision expected in 2H26—big for cardiovascular LDL-C treatment commercialization. Medtech Finance: Healthcare Holding Schweiz closed CHF 80m syndicated financing, with Liechtensteinische Landesbank in the syndicate, to fund further medtech acquisitions and platform build-outs. Crypto & Banking (Liechtenstein angle): Ripple Payments Europe and Kaiser Partner Privatbank were added to ESMA’s MiCA register, while Paymonade secured a MiCA licence via Liechtenstein’s FMA—signals of deeper regulated crypto rails across the EEA. EU Carbon Policy: The European Commission is set to overhaul the EU ETS, proposing longer free allowances and slower tightening from 2031 to protect industrial competitiveness while keeping climate goals on track. Industry & Trade: Intamin acquired UK immersive attractions specialist Simworx out of administration, keeping 28 jobs and expanding media-based ride engineering. Cross-border Mobility: EU’s EES rollout continues to disrupt holiday travel with new biometric queues, while the EU also moves toward unemployment benefits paid by the country of employment for cross-border workers.

Medtech Finance: Healthcare Holding Schweiz AG, a major Swiss medtech distributor with Liechtensteinische Landesbank in its syndicate, closed CHF 80m in syndicated financing to fund further acquisitions and build shared tech and synergies. Crypto Banking in the DACH orbit: BancaStato (Ticino) launched regulated crypto trading via Sygnum and Avaloq, letting clients trade BTC, ETH, LTC and SOL inside existing web and mobile banking flows. MiCA expansion with Liechtenstein links: ESMA added Liechtenstein-based Kaiser Partner Privatbank to its MiCA register, while Paymonade (licensed by Liechtenstein’s FMA) secured a single passportable authorization to offer regulated crypto services across 30 EEA markets. Industry & jobs: Intamin group acquired UK immersive attractions specialist Simworx out of administration, keeping 28 employees and continuing operations from the UK base. EU climate policy affecting Liechtenstein-linked ETS: The European Commission proposed an overhaul of the EU Emissions Trading System, including longer free allowances and a slower tightening pace, with Liechtenstein explicitly covered via ETS linkage. Trade & investment: The Việt Nam–EFTA FTA was concluded after 14+ years, aiming to boost trade and investment with EFTA partners including Liechtenstein.

Medtech Finance: Healthcare Holding Schweiz AG (managed by Winterberg Advisory and KKA Partners) closed a CHF 80m syndicated financing, with UBS Switzerland as mandated lead arranger and a banking syndicate that includes Liechtensteinische Landesbank—aimed at funding further acquisitions and scaling shared structures in Switzerland’s independent medtech distribution market. Crypto Regulation (Liechtenstein): Paymonade (Damoon Technology Europe) secured a MiCA licence from Liechtenstein’s FMA, enabling regulated crypto-asset services across the EEA under a single passport; the firm targets growth in headcount and transaction volumes after clearing the July 1 deadline. Crypto Regulation (EU-wide access): Ripple Payments Europe was added to ESMA’s MiCA register, expanding regulated crypto services across 29 EU countries, while BitPay also gained EU-wide MiCA authorization via the Netherlands. EU Carbon Policy: The European Commission advanced a major ETS overhaul, including longer free allowances and slower tightening of emissions limits from 2031, as negotiations with member states begin—relevant for Liechtenstein-linked industry planning. Trade & Supply Chains: The Vietnam–EFTA FTA was concluded after 14 years, promising broader market access for goods and services and highlighting EFTA strengths in technology and green industry; Vietnam’s seafood exporters are already preparing for stricter food-safety and origin rules. Cross-border Mobility: The EU’s Entry/Exit System (EES) is driving longer airport queues and new biometric border steps, with practical knock-ons for travel-linked services and logistics planning. Industry Deal (Intamin): Intamin group acquired UK immersive attractions specialist Simworx out of administration, keeping 28 employees and continuing operations from the UK base.