Streetbeat News

Acquisitions Mergers

LLY

NVO

RHHBY

Roche Holding AG (OTC:RHHBY) is set to acquire Carmot Therapeutics to enter the competitive weight loss drug market, challenging Novo Nordisk (NYSE:NVO) and Eli Lilly (NYSE:LLY). Carmot's portfolio includes several incretin-based treatments for obesity and type 2 diabetes, with the lead asset CT-388 ready for Phase-2 trials. Roche will pay $2.7 billion in cash plus up to $400 million in milestone payments. The acquisition will also give Roche access to Carmot's discovery platform, enhancing its R&D in metabolism-related diseases. The deal is expected to close in Q1 2024.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 12:04 pm

ABSI

AZN

NVDA

RHHBY

AstraZeneca plc (NASDAQ:AZN) has entered into a partnership with Absci Corporation (NASDAQ:ABSI) to develop an AI-driven antibody for cancer treatment, with a deal value of up to $247 million. Absci will receive an upfront fee, R&D funding, milestone payments, and royalties on product sales. The collaboration aims to leverage Absci's AI technology for protein analysis to accelerate drug discovery. This move is part of a broader trend of incorporating AI into pharmaceutical research, as seen with Genentech's recent partnership with NVIDIA Corporation (NASDAQ:NVDA). ABSI stock rose 8.62% in premarket trading.

Portfolio Pulse from Vandana Singh

December 04, 2023 | 11:58 am

LLY

PNT

Eli Lilly has extended the expiration date of its tender offer for POINT Biopharma from the previously scheduled date in December to December 15, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 11:48 am

SLI

Standard Lithium Ltd. has announced progress on the commercialization of its Phase 1A Project in Arkansas and has engaged Citi to explore strategic financing and partnership options. This engagement aims to support the Phase 1A Project, the broader South West Arkansas project, and the company's initiatives in East Texas.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 11:09 am

FFIE

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) is expanding its presence in the Middle East by bringing its AI and advanced intelligent electric vehicle technology to Abu Dhabi's Smart and Autonomous Vehicles Industry (SAVI) cluster. This move comes after the recent launch of its limited-edition FF 91 2.0 Futurist aiFalcon model in the region, supported by the Abu Dhabi Investment Office (ADIO).

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 11:07 am

VRT

Vertiv subsidiaries have entered into a definitive agreement to acquire all shares of UK-based CoolTera Ltd., which specializes in liquid cooling infrastructure solutions for data centers. The terms of the acquisition have not been disclosed, and the deal is expected to close in the fourth quarter of 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 11:07 am

STT

State Street is finalizing plans to assume full ownership of its joint venture operations, Statestreet HCL Services. This follows their acquisition of full ownership of a separate joint venture in India in October 2023.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 11:04 am

ABSI

AZN

Absci's stock rose 9% premarket following a report by the Financial Times that AstraZeneca has signed a deal with Absci worth up to $247M to design an antibody for cancer treatment.

Portfolio Pulse from Charles Gross

December 04, 2023 | 10:20 am

ALK

CDMO

GNE

NOK

OFIX

SKM

SPCE

TRUP

Alaska Air Group, Inc. (ALK) announced plans to acquire Hawaiian Holdings for $1.9 billion, causing ALK shares to drop 9.4% in pre-market trading. Other stocks experiencing pre-market declines include Virgin Galactic (SPCE), Trupanion (TRUP), SK Telecom (SKM), Avid Bioservices (CDMO), Orthofix Medical (OFIX), Genie Energy (GNE), and Nokia (NOK).

Portfolio Pulse from Lisa Levin

December 04, 2023 | 10:20 am

BRPHF

PSHZF

TSLA

The weekend news featured significant developments in the tech and finance sectors. Elon Musk and Bill Gates were named as potential buyers for Trump's Mar-a-Lago, with a price tag of up to $1 billion. Galaxy Digital CEO Mike Novogratz expressed a bullish outlook on Bitcoin, anticipating a price surge due to various factors including a potential spot Bitcoin ETF approval. Bill Ackman revealed a $10M investment in Elon Musk's private company, X. A Swedish strike could impact Tesla's labor relations, and Tesla warned that the EV tax credit for two Model 3 versions will drop to $3,750 next year.

Portfolio Pulse from Benzinga Neuro

December 04, 2023 | 10:15 am