Streetbeat News

Acquisitions Mergers

RNSDF

STLA

Stellantis (NYSE:STLA) Chairman John Elkann refuted rumors of a potential merger with Renault (OTC:RNSDF), stating there are no plans for such a merger and emphasizing the focus on executing Stellantis's long-term business plan. This comes after speculation fueled by a report suggesting the French government was considering a merger between the two automakers. Meanwhile, Renault postponed the IPO of its EV and software arm, Ampere, planning to fund its development until 2025.

Portfolio Pulse from Benzinga Neuro

February 05, 2024 | 11:59 am

NRXP

NRx Pharmaceuticals announced the creation of Hope Therapeutics to focus on NRX-100 (now HTX-100), aimed at treating suicidal depression. NRx and its shareholders will own the new company, receiving shares as a dividend plus a royalty coupon on HTX-100 sales, pending Board approval. The arrangement is structured to avoid taxation for shareholders.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:52 am

ELAN

MRK

Elanco Animal Health (ELAN) has agreed to sell its aqua business to Merck's Animal Health division (MRK) for approximately $1.3 billion in cash. This sale price is about 7.4 times the estimated 2023 revenue of Elanco's aqua business, which is expected to generate around $175 million in revenue and $92 million in adjusted EBITDA. The deal includes marketed brands, R&D projects, manufacturing sites in Canada and Vietnam, and around 280 employees.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:40 am

ACRXF

HAYN

Haynes International Inc (NASDAQ:HAYN) has agreed to be acquired by North American Stainless, a subsidiary of Acerinox SA (OTC:ACRXF), for approximately $970 million. The all-cash deal values Haynes at $61.00 per share, a 9% premium over its last closing price. The acquisition, expected to close in Q3 2024, will result in Haynes delisting from the Nasdaq. Haynes' CEO highlighted a $200 million investment into the U.S. operations post-acquisition.

Portfolio Pulse from Lekha Gupta

February 05, 2024 | 11:38 am

HBB

Hamilton Beach Brands Holding Company (HBB) has acquired HealthBeacon PLC, a medical technology firm. This move is part of HBB's strategy to expand in the home health and wellness market. HealthBeacon, known for developing connected devices for managing injectable medication for chronic conditions at home, was already a strategic partner of HBB. The financial terms of the acquisition were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:37 am

YNDX

Yandex N.V. (NASDAQ:YNDX), a Dutch holding company, has agreed to sell its Russian and certain international businesses for approximately $5.21 billion. The sale, which is subject to a mandatory 50% discount as per Russian government regulations for foreign asset sales, includes the company's cash balance and Class A shares. The divestiture is expected to close in two phases in 2024, with Yandex planning to focus on four international business lines post-sale. This move comes after Yandex received a delisting notice from Nasdaq last year.

Portfolio Pulse from Lekha Gupta

February 05, 2024 | 11:14 am

CTLT

NVO

Novo Nordisk has agreed to acquire three fill-finish sites from Novo Holdings as part of a transaction related to Novo Holdings' acquisition of Catalent, Inc. for $11B. These sites, located in Italy, Belgium, and the US, are specialized in sterile drug filling and employ over 3,000 people. This acquisition aligns with Novo Nordisk's strategy to expand its manufacturing capacity to support its diabetes and obesity treatments, with expected capacity increases from 2026.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:11 am

CTLT

Novo Holdings is set to acquire Catalent, Inc. (NYSE:CTLT) for $63.50 per share, valuing the company at $16.5 billion. This all-cash transaction marks a significant move in the development and supply sector for patient treatments.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:02 am

CHEA

Chenghe Acquisition Corp. (CHEA) shares surged 72% in premarket trading following the approval of a merger agreement with Taiwan Color Optics by its shareholders on Friday. This significant increase reflects investor optimism about the merger's potential benefits.

Portfolio Pulse from Charles Gross

February 05, 2024 | 10:32 am

RNSDF

STLA

Stellantis Chairman John Elkann has publicly stated that the company has no plans for mergers and acquisitions, specifically addressing rumors about a potential merger with Renault.

Portfolio Pulse from Charles Gross

February 05, 2024 | 9:50 am