Streetbeat News

Acquisitions Mergers

LIPO

Lipella Pharmaceuticals Inc. (NASDAQ:LIPO) celebrates its first year as a public company with significant progress, including FDA feedback on LP-10 for hemorrhagic cystitis, IND approval for LP-310 for Oral Lichen Planus, and orphan drug designations for LP-10 and LP-310. The company is preparing for Phase-2b and Phase-2a trials for these drug candidates, with LP-10 showing positive results in earlier trials.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 1:10 pm

MSCI

MSCI Inc. has signed an agreement to acquire Fabric, a wealth technology platform. Fabric offers portfolio design and analytics for wealth managers and advisors, complementing MSCI's investment portfolio solutions. The acquisition aims to bring customization at scale to the global wealth management industry, enhancing MSCI's existing tools and accelerating new functionalities. The financial impact of the transaction is not expected to be material to MSCI, and the terms were not disclosed. The deal is expected to close next quarter.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 1:08 pm

EQNR

SHEL

Equinor ASA (EQNR) and Shell PLC (SHEL) have made a Final Investment Decision for Sparta, a deep water development in the Gulf of Mexico. Shell owns 51% and Equinor 49% of Sparta, which is expected to produce 90,000 boe/d at peak and begin production in 2028. Sparta will be Shell's 15th deep-water host in the region and will feature all-electric topside compression equipment. Equinor's Q3 2023 production in the Gulf was 149,000 boe/d. SHEL shares are up 0.58% premarket.

Portfolio Pulse from Lekha Gupta

December 20, 2023 | 1:06 pm

CCI

Crown Castle (CCI) has initiated a comprehensive review of its fiber business and has appointed two new independent directors, Jason Genrich and Sunit Patel, to its board. These actions are part of a cooperation agreement with Elliott Investment Management. The company has also formed new committees to oversee the review of the fiber business and the search for a new CEO.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 1:05 pm

EOLS

Evolus, Inc. (NASDAQ:EOLS) has entered into an exclusive licensing agreement with Symatese to distribute four next-generation dermal fillers in the UK and Europe, with regulatory approvals expected in the second half of 2024 and commercialization in 2025. The agreement expands Evolus' international market and complements the launch of Nuceiva, their flagship neurotoxin. Evolus will issue 610,000 shares to Symatese and make milestone payments upon regulatory approvals. The company expects to be fully funded to profitability by 2025 and will pre-announce Q4 and FY23 results and 2024 revenue guidance in January.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 1:04 pm

JBLU

JSX, backed by JetBlue Airways (NASDAQ:JBLU), has placed an order for up to 332 hybrid-electric aircraft from various manufacturers, with deliveries starting in 2028. The order includes the Heart Aerospace ES-30, Aura Aero Era, and Electra eSTOL aircraft. JSX aims to serve over 2000 airports, reducing travel costs and carbon emissions. The confirmed order is for 132 aircraft, with the rest as options.

Portfolio Pulse from Anan Ashraf

December 20, 2023 | 12:46 pm

PTN

Palatin Technologies has sold Vyleesi, an FDA-approved treatment for premenopausal women with Hypoactive Sexual Desire Disorder, to Cosette Pharmaceuticals for up to $171 million. The deal includes a $12 million upfront payment and up to $159 million in sales-based milestones. Palatin will now focus on its melanocortin receptor system-based development and clinical pipeline.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 12:42 pm

GOLD

RGDFF

Reunion Gold Corporation has reached a settlement with Barrick Gold Corporation, resolving a claim brought by Barrick. The Strategic Alliance Agreement between the two companies, dated February 3, 2019, has been terminated with no outstanding obligations or properties involved. A consent dismissal order will be filed in the Ontario Superior Court to dismiss the claim.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 12:40 pm

AMPS

Altus Power has announced the expansion of its West Coast presence through the acquisition of Unico Solar, a move that is likely to enhance its solar project portfolio and capabilities in the region.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 12:38 pm

BABA

PDD

Alibaba Group Holding Ltd (NYSE:BABA) is restructuring, with Eddie Wu replacing Trudy Dai to head Tmall and Taobao. Dai will manage a new entity for Alibaba's global investment assets. Amidst challenges from regulatory scrutiny and rising competition from PDD Holdings Inc (NASDAQ:PDD) and ByteDance Ltd, Alibaba is refocusing on core businesses and considering divestitures. Analysts have rerated BABA due to slow turnaround and cloud business spinoff withdrawal. Alibaba reversed a prior decision to split into six divisions and is now led by Wu, with Joseph Tsai overseeing potential asset divestitures. Additionally, BWB Inc has filed patent infringement lawsuits against Alibaba in multiple countries. Alibaba's stock has declined by over 18% YTD, while PDD's stock has risen by 78%. BABA's premarket trading shows a slight increase of 0.27% to $75.60.

Portfolio Pulse from Anusuya Lahiri

December 20, 2023 | 12:36 pm