Streetbeat News

Acquisitions Mergers

SONY

Sony Group Corp. is reportedly planning to cancel its proposed $10 billion merger with India's Zee, which would have created a $10 billion media giant.

Portfolio Pulse from Charles Gross

January 08, 2024 | 10:41 am

ALT

ANNX

BETR

CRON

HARP

HRTX

NXT

SABR

UPWK

In Monday's pre-market session, Harpoon Therapeutics, Inc. (HARP) shares surged 98.6% after reports of Merck's advanced talks to acquire the company at $23 per share. Other stocks showing pre-market gains include Heron Therapeutics, Inc. (HRTX), which announced a distribution partnership, and several others like Better Home & Finance Holding Company (BETR), Sabre Corporation (SABR), Cronos Group Inc. (CRON), Nextracker Inc. (NXT), Upwork Inc. (UPWK), Altimmune, Inc. (ALT), and Annexon, Inc. (ANNX) due to various factors.

Portfolio Pulse from Avi Kapoor

January 08, 2024 | 10:37 am

AJG

Arthur J. Gallagher & Co. has acquired Köberich Financial Lines, a Cologne, Germany-based insurance broker specializing in financial lines products. The terms of the transaction were not disclosed. Harald Köberich and his team will continue their operations under the leadership of Alex Nagler, who heads Gallagher's retail property/casualty brokerage operations in Europe.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 10:01 am

HARP

MRK

Merck is reportedly in advanced discussions to acquire Harpoon Therapeutics for approximately $23 per share, according to Bloomberg.

Portfolio Pulse from Charles Gross

January 08, 2024 | 9:47 am

BRK

Berkshire Hathaway Inc. has settled a legal dispute with Pilot Travel Centers over alleged violations of buyout terms. The settlement was reached before the trial, which was set to begin in Wilmington, Delaware Chancery Court. The dispute involved accusations against Berkshire Hathaway of changing accounting methods to deprive the Haslam family of their 20% share in Pilot Travel. The settlement is expected to allow Berkshire Hathaway to acquire the remaining stake in Pilot Travel as per the original terms.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 7:00 am

IDCBY

UBS

UBS Group AG (NYSE:UBS) is determined to expand its wealth and asset management operations in China despite economic challenges and global tensions. Eugene Qian, UBS's China head, emphasized the importance of the Chinese market and the bank's plans to grow its onshore platforms. UBS did not integrate Credit Suisse's wealth management team in China after their merger. UBS has also signed a memorandum of understanding with the Industrial And Commercial Bank Of China Ltd (OTC:IDCBY) to serve clients and strengthen its presence in China, which is part of a long-term strategy.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 6:21 am

ANNX

Annexon, Inc. (NASDAQ: ANNX) has outlined its strategic priorities for 2024, focusing on late-stage clinical milestones for its complement-based medicines targeting autoimmune, ophthalmic, and neurodegenerative diseases. The company is on track to report Phase 3 data for ANX005 in Guillain-Barré syndrome (GBS) in the first half of 2024, which could become the first approved treatment for GBS in the U.S. ANX007's global pivotal program for geographic atrophy (GA) is set to initiate in mid-2024, and ANX1502's clinical proof-of-concept study for autoimmune diseases will begin in the first half of 2024. Annexon's recent $125 million financing extends its operating runway into Q2 2026.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:22 am

NVS

Shanghai Argo Biopharmaceutical Co., Ltd. has entered into two exclusive license and collaboration agreements with Novartis PHARMA AG. Argo will receive $185 million upfront and may get additional payments and royalties. Novartis gains licenses for cardiovascular RNAi therapeutics and options for two more targets.

Portfolio Pulse from Charles Gross

January 07, 2024 | 11:44 pm

ATMC

AlphaTime Acquisition Corp (ATMC) has announced a merger agreement with HCYC Group Company Limited, a Cayman Islands holding company with insurance brokerage operations in Hong Kong through HCYC Asia. The transaction involves multiple mergers and will result in HCYC shareholders receiving 7.5 million shares of PubCo, valued at $75 million. The deal, approved by both companies' boards, is expected to close in early 2024, subject to regulatory and shareholder approvals. Post-merger, PubCo will be NASDAQ-listed with a new ticker symbol, and HCYC's executive team will continue to lead. The merger's details are available in ATMC's Form 8-K filing with the SEC.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 8:24 pm

LMDX

LumiraDx Limited (NASDAQ:LMDX) announced that its securities will be suspended from Nasdaq trading on January 9, 2024, due to non-compliance with listing standards. The company had previously been warned about delisting for failing to meet the minimum bid price requirement. LumiraDx's appeal was withdrawn following the appointment of administrators for two subsidiaries and the sale of certain assets to Roche. Nasdaq confirmed the withdrawal and the upcoming suspension of trading.

Portfolio Pulse from Benzinga Newsdesk

January 07, 2024 | 8:24 pm