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Acquisitions Mergers

AMAM

JNJ

Johnson & Johnson (JNJ) has announced a merger with Ambrx Biopharma (AMAM), with the deal expected to close in the first half of 2024. JNJ will acquire AMAM for $2.00 billion in cash. JNJ is a leading healthcare firm with pharmaceutical, medical devices, and consumer divisions. Ambrx Biopharma is a clinical-stage biologics company with a focus on engineered precision biologics and a proprietary technology platform.

Portfolio Pulse from Benzinga Insights

January 08, 2024 | 3:10 pm

CLSK

CleanSpark Inc (NASDAQ:CLSK) announced the purchase of up to 160,000 Bitmain S21 Bitcoin miners, with an initial purchase of 60,000 units. The first batch is expected to be delivered between April and June, costing $193.2 million. The deal includes an option to buy an additional 100,000 miners at a fixed price until year-end. If exercised, CleanSpark's hashrate could increase from 10 EH/s to approximately 50 EH/s. CEO Zachary Bradford sees this as a strategic move to enhance operational efficiency and hedge against price increases. CleanSpark shares dropped 4.41% to $9.72 following the announcement.

Portfolio Pulse from Adam Eckert

January 08, 2024 | 3:06 pm

AMZN

EADSF

EADSY

GOOG

MSFT

ORCL

PFE

Global tech giants Amazon, Google, and Microsoft are expanding in Saudi Arabia due to a government mandate requiring companies to establish regional headquarters in the country to be eligible for state contracts. This is part of Crown Prince Mohammed bin Salman's economic strategy to reduce 'economic leakage'. Other companies like Airbus, Oracle, and Pfizer have also obtained licenses for setting up regional HQs in Riyadh. The policy aims to transform Saudi Arabia into a tourism and commercial hub, potentially rivaling Dubai. There is some confusion over the application of these rules, and over 200 firms have received HQ licenses. Amazon's stock traded higher by 1.64% and Microsoft's by 0.74% on the last check Monday.

Portfolio Pulse from Anusuya Lahiri

January 08, 2024 | 3:05 pm

AMAM

CMC

DADA

DTC

HARP

LMDX

U.S. stocks were mixed with the Nasdaq Composite up by around 100 points. The Dow and S&P 500 showed mixed performance. Information technology shares led gains, while energy shares lagged. Commercial Metals Company (CMC) reported better-than-expected Q1 earnings. Harpoon Therapeutics (HARP) surged after a buyout announcement by Merck, and Ambrx Biopharma (AMAM) also jumped on acquisition news by Johnson & Johnson. LumiraDx (LMDX) announced a trading suspension on Nasdaq, Dada Nexus (DADA) reported suspicious practices casting doubt on certain revenues, and Solo Brands (DTC) lowered its full-year 2023 revenue guidance. Commodities saw oil and gold prices fall, and European and Asian markets closed mostly lower.

Portfolio Pulse from Avi Kapoor

January 08, 2024 | 3:00 pm

SONY

Sony Group Corp (NYSE:SONY) is considering withdrawing from a merger deal with Zee Entertainment Enterprises Ltd due to disagreements over leadership roles. The initial agreement had Zee's CEO Punit Goenka leading the merged entity, but Sony has changed its stance amid Zee's regulatory issues. Sony plans to file a termination notice before the January 20 deadline, as certain conditions for the merger have not been met. Discussions are ongoing, and a resolution is possible before the deadline. Sony's stock saw a slight increase of 0.25% to $91.45.

Portfolio Pulse from Lekha Gupta

January 08, 2024 | 2:59 pm

HARP

MRK

Merck has announced its intention to acquire Harpoon Therapeutics for $23 per share in cash, causing an increase in Harpoon's stock price.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:47 pm

MULN

Mullen Automotive, Inc. has submitted a Concept Paper to the DOE for grant funding to support domestic battery materials processing. The company plans to produce 150,000 battery packs by 2032 and seeks a $50 million grant for capital investment in its new Fullerton, California facility. This initiative is part of a broader $3.5 billion program to strengthen U.S. battery material manufacturing and aims to reduce battery costs by over 20%, enhancing Mullen's competitiveness in the EV market.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:46 pm

HUT

Hut 8 Corp (NASDAQ:HUT) received court approval for its stalking horse bid transaction to acquire four natural gas power plants, including the North Bay Bitcoin mine. The transaction includes a 40 MW Bitcoin mining facility and a new secured funding arrangement with Macquarie owning approximately 20% of BidCo post-transaction. Crypto-related stocks are up as optimism grows for spot Bitcoin ETF approval, with Grayscale amending its ETF application and setting a fee at 1.5%. Hut 8 shares were slightly up by 0.08% at $11.91.

Portfolio Pulse from Adam Eckert

January 08, 2024 | 2:42 pm

RNW

ReNew Power has signed a share purchase agreement with India Grid Trust to sell a 300 MW solar project for a total enterprise value of $199 million. This transaction is part of ReNew's asset monetization strategy and will help in deleveraging its balance sheet.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:36 pm

AVNW

Aviat Networks, Inc. (NASDAQ:AVNW) has entered into a strategic collaboration with PT Smartfren Telecom Tbk to provide wireless connectivity and digitalization services for private networks in Indonesia. The partnership aims to capitalize on the growing market for private LTE and 5G networks, which is expected to reach $7.4 billion by 2027. Aviat, having recently acquired NEC's Wireless Transport Business, is now a leading provider in Indonesia and will supply equipment and services for Smartfren's private network offerings.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 2:34 pm