Streetbeat News

Acquisitions Mergers

GSK

HLN

PFE

GSK plc has sold 300 million shares of Haleon plc, raising approximately £978 million. Post-sale, GSK's stake in Haleon is reduced to about 4.2%. Both GSK and Pfizer, which holds a 32% stake in Haleon, have agreed not to sell any more shares for 60 days. This is the third time GSK has reduced its holding in less than a year. GSK's shares saw a slight increase, while Haleon's shares dropped in the premarket session.

Portfolio Pulse from Vandana Singh

January 17, 2024 | 1:14 pm

URGN

UroGen Pharma has obtained an exclusive license from medac GmbH to develop a mitomycin-based formulation for the treatment of urothelial cancers. This agreement could potentially enhance UroGen's product portfolio and strengthen its position in the oncology market, specifically targeting treatments for urothelial cancers.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:10 pm

WINT

Windtree Therapeutics has signed an exclusive licensing and commercialization agreement with Lee's Pharmaceutical (HK) Ltd. for its cardiovascular products in select Asian markets. The deal could yield up to $138.35 million in milestone payments for Windtree.

Portfolio Pulse from Charles Gross

January 17, 2024 | 12:59 pm

DEO

Sean 'Diddy' Combs and Diageo plc (NYSE:DEO) have ended their partnership on Cîroc vodka and DeLeón tequila, with Diageo now holding complete ownership of DeLeón. The split follows a legal dispute where Combs sued Diageo for neglecting DeLeón and alleged racial discrimination. The financial details of the settlement are undisclosed, but Combs has dropped all allegations. Diageo had cited contract breaches by Combs as the reason for the partnership's end. DEO shares closed lower by 0.96% at $141.75.

Portfolio Pulse from Shivani Kumaresan

January 17, 2024 | 12:33 pm

EVGO

EVgo Inc. (NASDAQ:EVGO) reported preliminary 2023 results, with increased utilization and an expanding charging network. The company expects to meet or exceed its 2023 financial goals. Organizational changes include streamlining functions and appointing Dennis Kish as President. Ivo Steklac and Tanvi Chaturvedi will depart the company, with Steklac serving as an advisor during the transition. The changes aim to grow the core business, improve cost structure, and accelerate growth and profitability.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 12:02 pm

TRI

Thomson Reuters Corp (NYSE:TRI) has acquired World Business Media Limited, a provider of editorial coverage for the (re)insurance industry. The terms of the deal were not disclosed. The acquisition aligns with TRI's strategy to expand its news and insights into new professional markets. World Business Media will be integrated into the Reuters News division. TRI is also pursuing the full acquisition of Pagero Group AB and reported holding $2.5 billion in cash as of Q3 2023. TRI's Q4 & FY23 results will be announced on February 8, 2024. TRI's stock closed up 1.46% at $147.58.

Portfolio Pulse from Lekha Gupta

January 17, 2024 | 12:01 pm

ALB

Albemarle Corporation (NYSE:ALB) plans to reduce its capital expenditures for FY24 to $1.6B-$1.8B from $2.1B in FY23. The company aims to cut costs by $95M annually through workforce reduction and decreased contracted services spending. These measures are in response to changing market conditions, especially in the lithium value chain. Albemarle will focus on near-completion projects and defer others, expecting to save over $50M in 2024. A charge will be recorded in Q1 2024 related to these actions.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:50 am

ALCE

Alternus Clean Energy (ALCE) has agreed to sell 100% of the share capital in Zonnepark Rilland B.V. to Theia for approximately €9.7 million, as disclosed in an 8-K filing.

Portfolio Pulse from Charles Gross

January 17, 2024 | 11:33 am

CWH

Camping World Holdings, Inc. is exploring strategic alternatives for its Good Sam business, including a potential sale, spin-off, or other disposition. No decision has been made, and there is no set deadline for completing the review process. The outcome of this process is uncertain.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:31 am

EVI

JBT

UNF

The article highlights three industrials stocks that are considered oversold based on their Relative Strength Index (RSI) values, suggesting a potential buying opportunity. EVI Industries reported record revenue and gross profit but saw a decline in EPS and a 12% stock price drop over the past month. UniFirst reported a 9.5% increase in first-quarter sales but anticipates achieving the lower end of its revenue guidance. John Bean Technologies proposed to acquire Marel hf and experienced a 12% stock price drop over the past month. All three companies have RSI values indicating they are oversold.

Portfolio Pulse from Avi Kapoor

January 17, 2024 | 11:23 am