Streetbeat News

Acquisitions Mergers

CHCI

Comstock Holding Companies, Inc. (CHCI) has acquired an 18,150 square foot land parcel in Rockville, MD for $1.5 million through a subsidiary. The site, known as Comstock 41, is next to the Rockville Metro Station and has entitlements for housing and retail space. This acquisition complements Comstock's existing transit-oriented developments in the area and is expected to contribute to revenue and earnings growth.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:15 pm

SVM

Silvercorp Metals Inc. (NYSE:SVM) has offered to acquire all shares of OreCorp Limited (ASX: ORR) that it does not already own for A$0.19 cash plus 0.0967 Silvercorp shares per OreCorp share. The implied value of A$0.5891 per OreCorp share represents a significant premium over recent VWAPs. The OreCorp Board unanimously recommends acceptance of the offer, which is subject to minimal conditions, including a 50.1% minimum acceptance. The transaction aims to create a globally diversified precious metals producer and is not subject to Silvercorp shareholder approval or financing conditions. Silvercorp and OreCorp have terminated their previous Scheme Implementation Deed and will provide further details in their respective Bidder's and Target's Statements.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:13 pm

RPHM

Reneo Pharmaceuticals Inc. received a non-binding acquisition proposal from Concentra Biosciences, an affiliate of Tang Capital Partners, to purchase all equity of Reneo for $1.80 per share plus a contingent value right. The offer is contingent on Reneo having at least $75 million in cash and equivalents at closing, after liabilities and costs. Concentra aims to maximize value for Reneo shareholders and manage clinical studies. They have set a response deadline for January 5, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:09 pm

MANU

Manchester United Plc disclosed in an SEC filing that if the transaction agreement is terminated under certain conditions, Trawlers Limited will be required to pay the company a termination fee of $164 million.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:06 pm

GBTC

Barry Silbert resigned as Chairman of Grayscale Bitcoin Trust (GBTC) amid unresolved allegations against his Digital Currency Group (DCG) and an ongoing SEC investigation. Lumida Wealth CEO Ram Ahluwalia suggested that Silbert's departure could grant Grayscale more autonomy, potentially improving its chances of obtaining Bitcoin ETF approval. The SEC has informally indicated the strength of an application, and Ahluwalia compared DCG's situation to Enron's accounting scandal.

Portfolio Pulse from Khyathi Dalal

December 26, 2023 | 9:50 pm

JNJ

LIAN

LianBio Development is set to receive a $25M payment according to the Asset Purchase Agreement (APA). Additionally, they are eligible for a $5M sales milestone payment if net sales of licensed products in China exceed $20M within the first calendar year, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 9:16 pm

JNJ

LIAN

LianBio Development Limited and its affiliates have entered into an asset purchase agreement with Janssen Pharmaceutica NV, a unit of Johnson & Johnson. Under the agreement, LianBio will sell all of its rights and interests in products licensed to Janssen, as disclosed in an SEC filing on Dec 22.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 9:13 pm

ACNT

Ascent Industries Co. (NASDAQ:ACNT) has completed the sale of Specialty Pipe & Tube for $55 million in cash. The deal closed on December 22, 2023. The proceeds will be used to reduce debt and for general corporate purposes. This strategic move simplifies Ascent's operations and allows the company to focus on its core competencies for future growth. The divestiture is seen as a value-creating outcome for shareholders, as it provides capital for growth and reduces debt.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 9:07 pm

IMNM

Immunome's stock price has increased following the announcement of a definitive asset purchase agreement with Atreca. This strategic move could potentially enhance Immunome's asset portfolio and market position.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 8:42 pm

ZYME

Zymeworks Inc. stock (ZYME) is trading higher following the announcement of a securities purchase agreement with EcoR1 Capital, which will provide the company with $50 million in gross proceeds.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 8:34 pm