Streetbeat News

Acquisitions Mergers

FWBI

First Wave BioPharma, Inc. (NASDAQ:FWBI) shares surged after the company announced a non-binding agreement to sell its niclosamide program for inflammatory bowel diseases, with a low seven-figure upfront payment, future milestones, and royalties. The deal is expected to close in the first half of 2024. Additionally, FWBI will acquire ImmunogenX in an all-stock transaction, focusing on advancing a GI pipeline with late-stage clinical assets, also expected to close in the first half of 2024. The company recently underwent a 1-for-20 reverse stock split.

Portfolio Pulse from Erica Kollmann

January 03, 2024 | 8:21 pm

GSK

GSK's stock is trading higher following two positive developments: an amendment to the exclusive license agreement with SCYNEXIS and an upgrade from Jefferies from Hold to Buy with an increased price target from $38.5 to $48.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 7:52 pm

The White House has not provided an update on the national security review of the acquisition of U.S. Steel Corp. by Nippon.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 7:32 pm

ESPR

NMRD

SASI

SIDU

SOFI

TPHS

U.S. stocks traded lower, with the Nasdaq Composite down over 100 points. Energy shares rose, while real estate shares fell. Job openings slightly decreased. Sidus Space (SIDU) spiked after securing a remote sensing license. Trinity Place Holdings (TPHS) surged following a loan forbearance extension. Sigma Additive Solutions (SASI) gained on stock issuance approval. SoFi Technologies (SOFI) dropped after a downgrade. Esperion Therapeutics (ESPR) fell post-collaboration amendment. Nemaura Medical (NMRD) decided to move to OTC Markets after Nasdaq delisting.

Portfolio Pulse from Avi Kapoor

January 03, 2024 | 7:20 pm

SASI

Sigma Additive Solutions' stock is trading higher following the completion of its acquisition of NextTrip Holdings via a share exchange.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 6:27 pm

TDCX

TDCX shares surged following a preliminary non-binding proposal from CEO Laurent Junique to acquire the company at $6.60 per share or ADS in cash.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 6:01 pm

ELV

HCSG

HUM

UNH

Cigna Group is in advanced talks to sell its Medicare Advantage business to Health Care Service Corp for $3B-$4B. The deal would expand HCSC's Medicare business and reach. Cigna's previous attempt to acquire Humana was met with lukewarm investor response. Cigna plans $10B in stock buybacks and smaller 'bolt-on' acquisitions. Cigna has 599,000 Medicare Advantage members, trailing UnitedHealth and Humana.

Portfolio Pulse from Vandana Singh

January 03, 2024 | 5:35 pm

NPO

McNally Capital has agreed to sell Advanced Micro Instruments, Inc. (AMI) to Enpro Inc. (NYSE:NPO). AMI, a leading analyzer and sensor manufacturer, has been under McNally's ownership since 2014 and has seen significant growth and product development. The transaction is expected to close in early 2024, pending regulatory approvals. Financial terms of the deal were not disclosed. Enpro is set to benefit from AMI's established position in various markets, including natural gas and biogas, and its proprietary sensing technologies.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 5:30 pm

General Motors Company (NYSE:GM) is offering a $7,500 incentive on certain electric vehicles (EVs) that no longer qualify for a U.S. government tax credit due to new guidelines. GM expects the Lyriq and Blazer EV to regain eligibility in early 2024 after a sourcing adjustment. Other models like the Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV, and Cadillac OPTIQ will also be eligible for the full incentive post-sourcing change. The Inflation Reduction Act of 2022 requires North American assembly for EV tax credit eligibility, which has reduced the number of qualifying EV models from 43 to 19. GM shares dropped by 2.43% to $35.17.

Portfolio Pulse from Nabaparna Bhattacharya

January 03, 2024 | 5:20 pm

ESPR

NMRD

SASI

SIDU

SOFI

TPHS

U.S. stocks traded lower, with the Nasdaq Composite down around 150 points. The Dow and S&P 500 also fell. Energy shares rose by 0.6%, while real estate shares dropped by 2.2%. The ISM Manufacturing PMI indicated a contraction in factory activity for the 14th consecutive month. Sidus Space, Trinity Place Holdings, and Sigma Additive Solutions saw their shares surge after positive company-specific news. SoFi Technologies, Esperion Therapeutics, and Nemaura Medical experienced significant share price drops due to negative developments or analyst downgrades. Oil prices increased by 3.2%, while gold and silver declined.

Portfolio Pulse from Avi Kapoor

January 03, 2024 | 5:01 pm