Streetbeat News

Acquisitions Mergers

MOR

NVS

MorphoSys AG has entered into a Business Combination Agreement with Novartis for a takeover valued at €2.7 billion, or €68 per share in cash, representing a significant premium over recent share prices. This agreement also includes the sale of rights for tafasitamab to Incyte Corporation for US$25 million. Novartis aims to maximize the potential of pelabresib, a promising therapy in MorphoSys' pipeline, with its resources. The takeover offer is subject to customary closing conditions and regulatory approvals, expected to close in the first half of 2024.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:53 pm

NTCO

Natura &Co's board has authorized management to explore the potential separation of Natura & Co Latam and Avon into two independent, publicly traded companies. This move aims to unlock further shareholder value by allowing each entity to pursue more tailored strategies with their own governance and management teams.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:50 pm

INCY

MOR

Incyte has entered into an asset purchase agreement with MorphoSys, acquiring exclusive global development and commercialization rights for tafasitamab (Monjuvi/Minjuvi). Incyte will pay MorphoSys $25 million, taking over all U.S. commercialization and clinical development responsibilities. MorphoSys will no longer receive future milestone, profit split, or royalty payments.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:48 pm

PINC

Premier Inc (PINC) shares are up following a $1 billion buyback announcement and plans to seek partners for ownership stakes in Contigo Health and S2S Global. The company also shared its Q2 earnings results.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:37 pm

PINC

Premier Inc's Board has concluded its strategic review process, authorizing a $1B stock buyback program. Additionally, the company is exploring partnerships to potentially transfer ownership of its holdings in Contigo Health and S2S Global.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:35 pm

LAKE

Lakeland Industries, Inc. (NASDAQ:LAKE) has acquired Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L. for approximately $9.3 million in an all-cash transaction. This acquisition expands Lakeland's global fire services portfolio by adding Jolly's leading professional footwear for first responders. Jolly, with 150 employees and operations in Italy and Romania, is expected to contribute $14 to $16 million in sales revenue to Lakeland this fiscal year and be immediately accretive. The acquisition enhances Lakeland's product offerings and geographic presence, presenting cross-selling opportunities across Lakeland's global sales and distribution channels.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:23 pm

MT

ArcelorMittal announced its Q4 and FY23 sell-side analyst consensus figures, including a Q4 EPS of $(2.00) and FY23 EPS of $2.65. The consensus, involving 11 brokers, reflects the sale of its Kazakhstan operations and anticipates a full impairment of its $1.4 billion investment in ADI. Notably, the impairment charge related to ADI is not included in the consensus net income and EPS figures.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:21 pm

PROP

Prairie Operating has expanded its DJ Basin portfolio by acquiring a 1,280 acre drillable spacing unit (DSU) and eight permitted PUDs for $900,000. This acquisition, along with the expected acquisition of 62 PUDs from Nickel Road Operating LLC, will increase Prairie's drilling inventory to 70 wells. The acquisition adds over 2.6 MMboe in reserves and approximately $40 million in PV10 value, with the PUDs being liquids rich and near existing midstream infrastructure.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:20 pm

LSAK

Lesaka Technologies, Inc. (LSAK) has entered into a definitive agreement to acquire Touchsides. The acquisition, funded by internal cash, is expected to close in March 2024, pending customary closing conditions. Additionally, Heineken's South Africa operating business has secured a long-term renewable contract for access to Touchsides' tavern data and services as part of this acquisition.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:17 pm

RGTI

Rigetti Computing, Inc. (NASDAQ:RGTI) has been awarded a grant by Innovate UK, funded by the National Quantum Computing Centre (NQCC), to develop and deliver a 24-qubit quantum computer based on its Ankaa-class architecture to the NQCC's Harwell Campus. The system will feature advanced technology from Rigetti's 84-qubit Ankaa-2 system, including tunable couplers and a square lattice, achieving a 98% median 2-qubit fidelity and a 68 nanoseconds gate time. Rigetti's software development tools and Tsunamis control systems will be deployed with the system, which will be available over Rigetti Quantum Cloud Services. Riverlane will integrate its Quantum Error Correction Stack, including Deltaflow.Control, to enhance the system's control and readout capabilities.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 9:15 pm