Streetbeat News

Acquisitions Mergers

ADTX

EVFM

Aditxt Inc (NASDAQ:ADTX) is acquiring Evofem Biosciences Inc (OTC:EVFM) for approximately $100 million through stock issuance and debt assumption. Evofem, known for its FDA-approved contraceptive gel Phexxi, will see its shareholders receive Aditxt common and preferred stock. Aditxt will also provide a loan to Evofem and cover legal costs. The transaction is expected to close in the first half of 2024. ADTX shares surged 112.80% to $8.08 following the announcement.

Portfolio Pulse from Vandana Singh

December 12, 2023 | 3:19 pm

BLBD

EGLE

ICVX

Blue Bird Corporation (BLBD) reported Q4 earnings of 66 cents per share, surpassing expectations of 48 cents, with revenue of $302.96 million beating estimates of $290.11 million. The company also increased its FY24 revenue forecast, causing shares to rise 9.1% to $23.80. Other stocks making significant moves include Icosavax (ICVX) with a 47.1% jump after AstraZeneca's acquisition plans, and Eagle Bulk Shipping (EGLE) rising 9.2% following a merger announcement with Star Bulk. Various companies reported positive financial results or received favorable analyst ratings, contributing to their stock gains.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 3:13 pm

CHH

Wyndham Hotels & Resorts (NYSE:WH) has received an unsolicited exchange offer from Choice Hotels International, Inc. (NYSE:CHH) to acquire all outstanding shares of Wyndham at approximately $86 per share. The offer is unchanged from a previous proposal that Wyndham's Board rejected due to concerns over antitrust approval, undervaluation, and the impact of Choice's leverage. Wyndham's Board, with advisors, will review the offer and advise shareholders within ten business days. Shareholders are urged not to take action until then. Choice owns less than 1.7% of Wyndham's stock and is restricted from further purchases without antitrust approval.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 2:47 pm

ACHV

ADTX

CADL

CCCC

HCDI

IONM

U.S. stocks opened slightly lower on Tuesday after the release of inflation data showing a decrease to 3.1% in November, the lowest in five months. Industrials shares rose by 0.8%, while communication services fell by 1.5%. Aditxt, Inc. surged 103% after an acquisition agreement, C4 Therapeutics, Inc. jumped 56% due to a collaboration with Merck, and Candel Therapeutics, Inc. gained 58% after receiving FDA Fast Track Designation. Conversely, Achieve Life Sciences, Inc. fell 39% due to potential NDA filing delays, Harbor Custom Development, Inc. dropped 40% after filing for Chapter 11 Bankruptcy, and Assure Holdings Corp. declined 28% after a previous day's gain.

Portfolio Pulse from Avi Kapoor

December 12, 2023 | 2:42 pm

PFE

Pfizer has received all necessary regulatory approvals to complete the acquisition of Seagen and expects to finalize the deal on December 14, 2023. Pfizer will reorganize its commercial structure to integrate Seagen and enhance its focus, speed, and execution. An analyst and investor call is scheduled for December 13, 2023, to discuss the acquisition, the new commercial organization, and to provide financial guidance for the full year of 2024.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 2:40 pm

NEON

Neonode Inc. (NASDAQ:NEON) is shifting its business strategy to focus entirely on its licensing business, phasing out its Touch Sensor Module (TSM) product business. The company plans to license the TSM technology to strategic partners or outsource it. This decision follows the success in licensing technology, particularly the MultiSensing platform and zForce optical sensing technology. A recent deal with a leading commercial vehicle manufacturer has further validated the company's competitive edge and catalyzed this strategic pivot. Neonode will reallocate resources from the product team to the licensing team and reduce its workforce, mainly affecting consultants and personnel in Sweden.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 2:24 pm

LLAP

A group of investors in Terran Orbital Corp. (NYSE:LLAP), including Sophis Investments LLC, Roark's Drift LLC, and Tyvak Nano-Satellite Systems' co-founders, are calling for the immediate replacement of Chairman and CEO Marc Bell. They cite a series of misguided statements by Bell, conflicting reports about the company's sale, and a significant stock price drop of nearly 30% in one day. The group, owning about 8.4% of Terran's shares, urges the board to form a new committee of independent directors to oversee a strategic review and meet with them. They propose a new CEO candidate, not a former employee, to address operational and cultural issues and restore market credibility.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 2:22 pm

CCCC

MRK

C4 Therapeutics Inc (CCCC) has signed an exclusive license and collaboration agreement with Merck & Co Inc (MRK) to develop degrader-antibody conjugates (DACs) for cancer treatment. C4 Therapeutics will receive a $10 million upfront payment and is eligible for up to $600 million in milestone payments, plus royalties for an initial oncology target. The agreement also allows for potential expansion to three additional targets, which could bring the total potential payments to approximately $2.5 billion. C4 Therapeutics' stock soared by 55.1% in premarket trading, while Merck's stock saw a slight decrease of 0.13%.

Portfolio Pulse from Vandana Singh

December 12, 2023 | 2:10 pm

ABBV

BMY

IMGN

PFE

SGEN

Bristol Myers Squibb & Co (NYSE:BMY) has entered into an $8.4 billion deal with SystImmune for the exclusive license of BL-B01D1, a bispecific antibody-drug conjugate with potential in treating lung and breast cancer. The deal includes an $800 million upfront payment and up to $7.6 billion in additional payments. SystImmune retains responsibilities in Mainland China, while Bristol Myers will handle development and commercialization elsewhere. The move diversifies Bristol Myers' oncology portfolio, following recent ADC-related deals by the company and other pharma giants like AbbVie Inc (NYSE:ABBV) and Pfizer Inc (NYSE:PFE). BMY shares saw a slight decrease in premarket trading.

Portfolio Pulse from Vandana Singh

December 12, 2023 | 2:00 pm

HUT

Hut 8 Corp (NASDAQ:HUT) shares are trading higher after announcing its successful stalking horse bid for four natural gas power plants, including a Bitcoin mine in North Bay. The bid, in partnership with Macquarie Equipment Finance, is pending final court approval. Hut 8's new subsidiary 'BidCo' will acquire the assets of certain Validus entities, with Hut 8 holding an 80% equity stake and Macquarie holding 20%.

Portfolio Pulse from Adam Eckert

December 12, 2023 | 1:52 pm