Streetbeat News

Acquisitions Mergers

BMY

KRTX

Bristol Myers Squibb & Co (NYSE:BMY) has agreed to acquire Karuna Therapeutics Inc (NASDAQ:KRTX) for $330.00 per share, totaling $14 billion in equity value. Karuna's lead asset, KarXT, is an antipsychotic drug for schizophrenia and is under FDA review with a decision expected by September 26, 2024. KarXT is also being tested for other conditions, including Alzheimer's disease psychosis. The deal is anticipated to close in the first half of 2024 and is expected to be dilutive to Bristol Myers' non-GAAP EPS by $0.30 in 2024. KRTX shares surged 48.80% to $320.30, while BMY shares fell 0.41% to $51.05 in premarket trading.

Portfolio Pulse from Vandana Singh

December 22, 2023 | 2:19 pm

DSKE

TFII

Daseke, Inc. is set to be acquired by TFI International Inc. Under the agreement, Daseke shareholders will receive $8.30 per share in cash. This acquisition is a significant move in the transportation and logistics industry, providing a cash-out option for Daseke's shareholders at a fixed price per share.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 2:03 pm

THRX

Theseus Pharmaceuticals Inc (NASDAQ:THRX) has agreed to be acquired by Concentra Biosciences LLC for $3.90 to $4.05 per share in cash. The deal includes a contingent value right (CVR) related to future licensing or disposition of Theseus' programs and potential cost savings. The Theseus Board, with legal and financial advisors, approved the merger, deeming it beneficial for shareholders. The acquisition is expected to close in February 2024. Previously, Theseus had been exploring strategic alternatives and reduced its workforce by 72%. THRX shares rose 7.56% to $3.98 in premarket trading.

Portfolio Pulse from Vandana Singh

December 22, 2023 | 1:58 pm

HUYA

HUYA Inc. has entered into a definitive agreement to acquire a global mobile application service provider for an aggregate cash consideration of $81 million, subject to customary purchase price adjustments, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:45 pm

AAPL

AMZN

BRK.A

DIS

MSFT

NKE

TSLA

Cryptocurrencies like Dogecoin, SHIB, and Solana are experiencing significant market movements. Tesla is recalling 120,000 Model S and X EVs due to door issues. Nike and NetEase stocks moved lower in pre-market trading. US markets are optimistic with Dow jumping over 300 points. US and world politics are active with developments in US-China relations and Trump's potential 2024 run. The US economy sees criticism from Peter Schiff regarding Q3 GDP. In tech, Apple and Microsoft face challenges, while Tencent is hit by new regulations. The EV sector is highlighted by Tesla's recall and bullish predictions. GM recalls Chevrolet Bolt EVs. Amazon and Disney face challenges in communication, while Boeing resumes 787 deliveries to China. US banks may face significant losses in real estate, and Berkshire Hathaway increases its stake in Occidental Petroleum.

Portfolio Pulse from Akanksha Bakshi

December 22, 2023 | 1:35 pm

OCAX

Powermers Smart Industries, Inc. (PSI) is set to go public through a business combination with OCA Acquisition Corp. (OCAX). The transaction is expected to close in 2024, with the combined company to be listed on Nasdaq under the symbol PSII. PSI focuses on green-powered technology solutions for the commercial transportation and industrial equipment industries. The business model includes partnerships across the value chain, offering green equipment technology solutions and services. The pro forma equity value of the combined entity is estimated at $2 billion, with all PSI stockholders rolling their equity into the new company. The deal includes investments of up to $8 million in convertible promissory notes and an additional $2 million PIPE investment from OCAX's sponsor.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:34 pm

AUR

MARA

WULF

Four tech stocks with high Relative Strength Index (RSI) values, indicating potential overbought conditions, are Marathon Digital Holdings, Inc. (MARA), TeraWulf Inc. (WULF), DoubleVerify Holdings, Inc. (DV), and Aurora Innovation, Inc. (AUR). MARA recently acquired two Bitcoin mining sites, WULF announced production updates, DV announced a secondary offering, and AUR posted a Q3 loss. All stocks have seen significant price increases over the past month.

Portfolio Pulse from Avi Kapoor

December 22, 2023 | 1:32 pm

CVX

HES

Chevron Corporation's (NYSE:CVX) stock closed slightly higher despite a drop in crude oil prices. The company is progressing towards a $53 billion all-stock deal to acquire Hess (NYSE:HES), expected to close in early 2024. The FTC has requested additional information regarding the merger. UBS analyst Josh Silverstein maintains a Buy rating on Chevron but lowered the price target from $194 to $185. Chevron's Q3 total revenues exceeded consensus, and its dividend yield stands at 4.01%. The article also explains how investors can earn monthly income from Chevron's dividends based on the current yield.

Portfolio Pulse from Avi Kapoor

December 22, 2023 | 1:31 pm

NPSCY

The White House has expressed concerns over the proposed acquisition of U.S. Steel (NYSE:X) by Japan's Nippon Steel (OTC:NPSCY), citing national security and supply chain implications. The $14.1 billion deal is under scrutiny by the Committee on Foreign Investment in the United States (CFIUS). U.S. Steel and Nippon Steel are cooperating with the review process. The United Steelworkers union and several legislators have also expressed concerns about the deal's impact on domestic steel production.

Portfolio Pulse from Benzinga Neuro

December 22, 2023 | 1:12 pm

LGF/A

LGF/B

SCRM

SCRMU

Screaming Eagle Acquisition Corp. has entered into an agreement to combine with the studio business of Lionsgate, which includes its Television Studio and Motion Picture Group segments. This move will integrate Lionsgate's content production and distribution capabilities with Screaming Eagle's resources.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:02 pm