Streetbeat News

Acquisitions Mergers

FBIO

Cyprium Therapeutics, a subsidiary of Fortress Biotech (NASDAQ:FBIO), has completed the transfer of its CUTX-101 product candidate for Menkes disease to Sentynl Therapeutics, a subsidiary of Zydus Lifesciences Ltd. Cyprium received $4.5 million at closing and is eligible for royalties and up to $129 million in milestones. Cyprium retains ownership of any FDA priority review voucher. CUTX-101 has shown significant improvement in survival for Menkes disease patients and has received multiple FDA designations.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:41 pm

TCNNF

YOURF

YourWay Cannabis Brands Inc. has terminated the agreement to sell Labtronix, Inc. after a surprise fire department inspection led to a cessation of Labtronix's operations. Shareholders were against the $3M sale, considering it below fair market value. A special meeting to vote on the sale was canceled. Carl Saling III, a significant shareholder, opposed the sale and nominated new directors. Trulieve Cannabis Corp. filed a complaint against YourWay Cannabis and others for alleged kickback schemes.

Portfolio Pulse from Jelena Martinovic

December 06, 2023 | 1:37 pm

WBUY

Webuy Global Ltd (NASDAQ:WBUY) has announced a non-binding MOU to acquire a 51% stake in PT. Tiga Sakti Utama (TSU), an Indonesian fruit importer and wholesaler. The deal involves an exchange of 800,000 Webuy shares for the equity interest, with a lockup arrangement. TSU, profitable since 2021, generated $15 million in sales in 2022. The acquisition aims to expand Webuy's presence in Indonesia and Southeast Asia, leveraging Surabaya's strategic location. A definitive agreement is expected by mid-2024, subject to due diligence and closing conditions.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:33 pm

ALE

JPM

Allete, Inc. (NYSE:ALE) is considering a sale after a 2% year-over-year decline in Q3 sales. The company is working with JP Morgan Chase & Co. (NYSE:JPM) on the sale process, attracting infrastructure funds and buyout firms. No deal is confirmed yet. Allete serves customers in Minnesota and Wisconsin and had a long-term debt of $1.686 billion at the end of Q3. ALE shares rose 8.02% to $60.76 on Tuesday.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 12:59 pm

AMZN

BABA

PDD

Amazon.com Inc (NASDAQ:AMZN) is slashing fees for sellers of low-priced clothing to compete with Chinese fast-fashion company Shein. Amazon will charge only 5% for clothing under $15 and 10% for items between $15 and $20, down from the previous 17%. Shein is planning a confidential U.S. IPO at a valuation of up to $90 billion. Amazon's move comes as it faces challenges in the apparel sector, including the closure of its Amazon-style clothing stores. Alibaba Group Holding Limited (NYSE:BABA) was recently surpassed in value by PDD Holdings Inc (NASDAQ:PDD), which operates the shopping app Temu.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 12:33 pm

RDY

Dr. Reddy's Laboratories has agreed to make several payments to Coya Therapeutics, including a $7.5M upfront payment, $4.2M upon IND application acceptance, another $4.2M upon first patient dosing in a Phase 2 trial, and up to $40M in development and regulatory milestones. Additionally, Coya is eligible for up to $677.25M in sales-based milestones.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:24 pm

CPB

Campbell Soup Company has reaffirmed its fiscal year 2024 guidance and anticipates the completion of the acquisition of Sovos Brands within the calendar year 2024. This update indicates Campbell's confidence in its financial projections and the strategic progress of the Sovos Brands acquisition.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:17 pm

RDY

Dr. Reddy's Laboratories has agreed to make a series of payments to Coya Therapeutics, including a $7.5M upfront payment, $4.2M upon IND application acceptance, $4.2M upon first patient dosing, and up to $40M in development and regulatory milestones. Additionally, Coya is eligible for up to $677.25M in sales-based milestones.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:09 pm

DEO

Diageo PLC (NYSE:DEO) is reportedly planning to sell its beer portfolio, excluding Guinness. The sale includes brands like Smithwick's, Kilkenny, and Harp Lager. The beer segment has been a margin drag on Diageo's overall business. Diageo had previously warned of weaker H1 FY24 results, particularly in Latin America and the Caribbean, but expects H2 FY24 to show improvement in organic net sales and operating profit growth. DEO shares saw a slight increase of 0.11% in premarket trading.

Portfolio Pulse from Lekha Gupta

December 06, 2023 | 11:55 am

BIDU

NVDA

NVIDIA Corp. CEO Jensen Huang has recognized Huawei Technologies as a significant competitor in the AI chip market. During his visit to Singapore, he acknowledged the competition from Huawei, Intel, and various startups. Huawei has impressed the industry with a sophisticated smartphone processor and is a key player in China's independent chip environment. NVIDIA plans to launch new products for the Chinese market, complying with U.S. regulations. Baidu Inc. has switched from NVIDIA to Huawei for AI chips, highlighting shifts in global tech partnerships due to U.S. tech export restrictions.

Portfolio Pulse from Benzinga Neuro

December 06, 2023 | 11:40 am