Streetbeat News

Acquisitions Mergers

AMAM

JNJ

The FDA has granted full approval to Johnson & Johnson's Balversa for certain adult bladder cancer patients, after its initial accelerated approval in April 2019. The Phase 3 THOR study demonstrated Balversa's efficacy in extending overall survival compared to chemotherapy. Additionally, Johnson & Johnson is set to acquire Ambrx Biopharma for approximately $2.0 billion, enhancing its targeted oncology portfolio.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 5:00 pm

GOOG

GOOGL

AI startup ElevenLabs has achieved a $1.1 billion valuation after raising $80 million in a funding round led by Andreessen Horowitz. The company's voice replication software supports over two dozen languages and is eyed for advertising and media. Concerns over deepfakes are addressed by Alphabet Inc's Google and Universal Music through licensing discussions. ElevenLabs is expanding its technology to media production and monetization of AI voices, while also investing in emotional and intonational enhancements. Greg Brockman of OpenAI launched ChatGPT Voice with five human-like voices.

Portfolio Pulse from Anusuya Lahiri

January 22, 2024 | 4:56 pm

NS

SUN

NuStar Energy LP (NYSE:NS) shares surged after Sunoco LP (NYSE:SUN) announced plans to acquire NuStar in an all-equity deal valued at $7.3 billion. NuStar unitholders will receive 0.400 Sunoco units per share, a 24% premium based on the 30-day VWAP as of January 19, 2024. The deal, expected to close in Q2 2024, is projected to increase Sunoco's distributable cash flow by 10%+ by the third year and achieve $150 million in synergies. NS shares rose 15.2%, while SUN shares fell 6.74% following the announcement.

Portfolio Pulse from Lekha Gupta

January 22, 2024 | 4:39 pm

GOOGL

Alphabet Inc.'s X, the company's moonshot technology lab, is laying off staff and seeking external funding for its projects. The lab is restructuring to allow its ventures to spin out as independent startups with support from both Alphabet and outside investors. This move is part of Alphabet's broader strategy to enhance cost-efficiency across its operations.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:38 pm

ARVL

Arrival, an electric van maker listed on Nasdaq, is nearing insolvency and in talks with EY for potential administration if it fails to secure rescue funding. The company's shares have dropped by 95% over the past year, and it faces delisting due to non-compliance with Nasdaq's listing rules. Arrival went public via a SPAC merger in 2021 with a valuation of $5.4bn but now has a market cap of just over $20m. It has not yet started commercial production of its vehicles and has been reducing its workforce.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:33 pm

FSR

Fisker Inc. has filed a Form 8-K with the SEC, reporting new agreements with an investor regarding its 2025 convertible notes. The agreements include the release of liens on intellectual property upon a deal with a strategic OEM partner and the waiver of financial covenants related to restricted cash. Fisker's outstanding debt has been reduced by $185.5M to $324.5M, reflecting the conversion of debt to equity by the investor.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:03 pm

MSM

MSC Industrial Direct Co Inc (NYSE:MSM) has acquired KAR Industrial Inc., a Canadian metalworking tools and accessories distributor. KAR, with an estimated 2023 revenue of $16 million, will continue to operate under its current names and management. MSC plans to enhance KAR's offerings with its extensive product portfolio and E-commerce platform. MSM shares rose 0.94% to $97.92 following the announcement.

Portfolio Pulse from Akanksha Bakshi

January 22, 2024 | 4:03 pm

FWRD

Forward Air Corporation (NASDAQ:FWRD) has amended its merger agreement with Omni Logistics, reducing the cash payment to Omni shareholders from $150M to $20M and adjusting their equity stake from 37.7% to 35%. This amendment resolves litigation between the parties, who now aim to close the transaction by the end of the week. Forward's CEO believes the acquisition will accelerate their growth strategy and create significant long-term shareholder value.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:58 pm

DWAC

FSLY

NS

RUM

SGMT

U.S. stocks traded higher on Monday, with notable gains in several companies. NuStar Energy L.P. (NS) surged after Sunoco's acquisition announcement. Other stocks like Sagimet Biosciences (SGMT), Rumble (RUM), Digital World Acquisition Corp (DWAC), and Fastly (FSLY) also saw significant increases due to various positive news, including clinical trial results, partnerships, and analyst upgrades.

Portfolio Pulse from Avi Kapoor

January 22, 2024 | 3:45 pm

BTM

Bitcoin Depot (NASDAQ:BTM), a leading Bitcoin ATM operator, has ordered 500 new BTM kiosks from Genmega, a top ATM and kiosk manufacturer. The company aims to deploy these units as part of its expansion strategy throughout 2024 and beyond. This move follows Bitcoin Depot's recent achievements, including becoming the largest BTM operator in North America, going public on a major U.S. stock exchange, and receiving recognition from Forbes 30 Under 30, Deloitte's 2023 Technology Fast 500, and the 2023 Inc. 5000.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 3:42 pm