Streetbeat News

Acquisitions Mergers

ALT

AMGN

BAYRY

BAYZF

LLY

MRK

NVO

PFE

Pharmaceutical giants Amgen Inc (AMGN) and Pfizer Inc (PFE) are actively seeking entry into the $100B obesity market, aiming to challenge the dominance of Novo Nordisk (NVO) and Eli Lilly (LLY). Amgen is advancing its experimental obesity drug, MariTide, in Phase 2 trials and developing AMG 786, with data expected in late 2024 and 1H 2024, respectively. Pfizer's CEO confirmed their commitment to the obesity sector. Other companies like Merck (MRK) and Altimmune (ALT) are also developing similar treatments, while Bayer (BAYRY, BAYZF) is open to partnerships to navigate the market. These drugs are being evaluated for additional health benefits beyond weight loss.

Portfolio Pulse from Vandana Singh

January 11, 2024 | 4:40 pm

SOLO

XOS

Xos, Inc. (XOS) and ElectraMeccanica (SOLO) have announced a definitive arrangement agreement for Xos to acquire all outstanding common shares of ElectraMeccanica in an all-stock transaction. Post-transaction, ElectraMeccanica's shareholders will own approximately 21% of Xos. The deal aims to strengthen Xos' balance sheet, provide growth capital, and leverage regulatory tailwinds, including California's EV mandate. Xos has delivered 110 units in Q4 2023, showing a 90% YoY growth. The combined company will benefit from ElectraMeccanica's cash balance, estimated at $48.5 million at closing, and Xos' strong market position and growth prospects. The transaction is expected to close in the first half of 2024, subject to shareholder and court approvals.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 4:34 pm

AMZN

IRBT

iRobot Corporation (NASDAQ:IRBT) stock is trading higher after a significant drop on Wednesday due to concerns over Amazon.com, Inc.'s (NASDAQ:AMZN) acquisition deal. Amazon missed a deadline to submit concessions to the European Commission regarding its proposed $1.7 billion acquisition of iRobot, casting doubt on the deal's completion. Despite Thursday's gains, iRobot shares have fallen 19% over the past month, with a high short interest of 14.18%. Trading volume for iRobot is also notably higher than its 100-day average.

Portfolio Pulse from Erica Kollmann

January 11, 2024 | 4:08 pm

FFNW

First Financial Northwest Inc (NASDAQ:FFNW) stock surged 49% to $20.40 after announcing an all-cash acquisition agreement with Global Federal Credit Union for $231.2 million. Shareholders are expected to receive approximately $23.18 to $23.75 per share upon liquidation. The deal, approved by both boards, aims to expand Global's services and is set to complete in Q4 2024, pending regulatory and shareholder approvals.

Portfolio Pulse from Henry Khederian

January 11, 2024 | 3:58 pm

FFNW

First Financial Northwest, Inc. (FFNW) shares have risen following the announcement that its subsidiary, First Financial Northwest Bank, will be acquired by Global Credit Union. This acquisition is expected to have a positive impact on FFNW's stock price in the short term as acquisitions often lead to increased investor confidence and potential synergies.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 3:57 pm

FMST

TMST

USAU

U.S. Gold Corp. (USAU) provided an update on its CK Gold Project, expecting permit approval and feasibility study completion in H1 2024, with the project being shovel-ready in H2 2024. The company anticipates environmental and economic benefits for Wyoming, and sees unrecognized asset value in Nevada and Idaho, with a positive market outlook for copper and gold. TimkenSteel (TMST) announced a rebranding to Metallus Inc., reflecting its growth commitment and vision for the future in the high-performance metals industry. Foremost Lithium (FMST) received a multi-year work permit for its Jean Lake Lithium/Gold Project, allowing for streamlined exploration and a 15-hole drilling program, aiming to advance resource development and enhance shareholder value.

Portfolio Pulse from Austin DeNoce

January 11, 2024 | 3:54 pm

PATK

Patrick Industries Inc (NASDAQ:PATK) has agreed to acquire Sportech, LLC for approximately $315 million. Sportech, a designer and manufacturer for powersports OEMs and the aftermarket, is expected to bring in $255 million in revenue for FY 2023 with a 17% CAGR over five years. The acquisition is anticipated to be accretive to PATK's profit margins and EPS. The deal, expected to close by January 24, 2024, will be funded through existing credit facilities and cash on hand. Sportech will operate as a wholly owned subsidiary post-acquisition.

Portfolio Pulse from Shivani Kumaresan

January 11, 2024 | 3:36 pm

AAPL

MSFT

NVDA

Microsoft Corporation (MSFT) has surpassed Apple Inc (AAPL) to become the world's most valuable public company, with a market capitalization of $2.86 trillion. Microsoft's growth has been fueled by its investments in artificial intelligence and strong earnings, with a 13% revenue increase year-over-year in Q1. Apple, now valued at $2.85 trillion, has seen its shares struggle recently due to concerns over iPhone 15 demand and potential issues in China. NVIDIA Corporation (NVDA) also reached a $1 trillion market cap, driven by its AI sector performance.

Portfolio Pulse from Chris Katje

January 11, 2024 | 3:35 pm

CHK

SWN

Chesapeake Energy's stock is trading higher following the announcement of a merger agreement with Southwestern Energy Company.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 3:16 pm

CHK

SWN

Chesapeake Energy (CHK) has announced a merger with Southwestern Energy (SWN), expected to be completed in Q2 of 2024. CHK will give SWN $7.40 billion in stock in exchange for SWN stock. Both companies are US-based and involved in the exploration and production of oil, natural gas, and natural gas liquids.

Portfolio Pulse from Benzinga Insights

January 11, 2024 | 3:10 pm