Streetbeat News

Acquisitions Mergers

TWLO

Anson Funds, a hedge fund, has built a stake in Twilio Inc. and is pushing for the company to explore a sale. The move comes as Twilio's shares have significantly declined from their peak, making it an attractive target for acquisition. Anson's position in Twilio and its push for a sale could potentially lead to strategic changes or a bidding process that may increase shareholder value.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 3:56 pm

NVS

SDZNY

SDZXF

Novartis AG (NVS) has made progress in its pure-play strategy after spinning off its generics business, Sandoz Group AG (SDZNY, SDZXF), now a standalone company. Novartis focuses on four core therapeutic areas and technology platforms across key geographies. The company has upgraded its mid-term sales guidance to a 5% CAGR through 2027 and expects a core operating income margin of over 40% by 2027. Q3 sales were $11.78 billion, surpassing expectations, driven by strong performances from several key drugs. Despite this, investors remain cautious about post-2027 growth, awaiting pipeline results. NVS shares saw a slight decline in the latest trading session.

Portfolio Pulse from Vandana Singh

November 28, 2023 | 3:55 pm

RVYL

RYVYL Inc. has entered into a second exchange agreement with a noteholder to convert debt into equity, reducing the company's debt by over $60M. The agreement includes exchanging outstanding principal for Series A and B Preferred Convertible Stock and a cash payment, with the goal of strengthening the balance sheet and maintaining NASDAQ listing compliance.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 3:50 pm

DIS

Bob Iger, CEO of Walt Disney Company (NYSE:DIS), is set to meet with employees in a town hall meeting to discuss the company's future. Despite a slight recovery from nine-year lows in August, Disney shares are down 1% over the last year. The meeting will include executives from film, parks, ESPN, and television divisions, focusing on 'future building opportunities.' Disney's linear networks have struggled, but the company is investing in Disney+ and has acquired the remaining stake in Hulu. The ESPN segment has been separated to highlight its performance, and Disney is seeking a partner for growth. The film division's recent box office performance has been weak, with no $1 billion grossing movie recently and 'Wish' underperforming. The town hall aims to address concerns of both employees and shareholders.

Portfolio Pulse from Chris Katje

November 28, 2023 | 3:16 pm

X

On CNBC's 'Faber Report,' it was discussed that U.S. Steel is expecting final bids for a sale by Friday, with five parties anticipated to bid. The sale process is projected to continue into the next week.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:47 pm

XXII

22nd Century Group, Inc. (NASDAQ:XXII) has agreed to sell its GVB Biopharma hemp/cannabis operations to Specialty Acquisition Corporation for $2.25 million. The deal includes a $1 million payment at closing and a $1.25 million secured promissory note. The sale aims to reduce cash and operating demands, with 22nd Century expecting to lower operating expenses beyond the $15 million in annual cost savings already announced. The company will retain rights to insurance proceeds from a fire at its Grass Valley facility, with damages sought at approximately $9 million. The sale is set to close in early December 2023, pending customary conditions and financing for the buyer. 22nd Century is also exploring strategic alternatives for its tobacco assets, including its FDA-approved VLN reduced nicotine content products.

Portfolio Pulse from Nina Zdinjak

November 28, 2023 | 2:35 pm

INVO

INVO Bioscience, Inc. (NASDAQ:INVO) has regained compliance with Nasdaq's minimum stockholders' equity requirement after previously failing to meet the standard. This was achieved through a share exchange agreement with Cytovia Therapeutics Holdings, Inc., which acquired 1,200,000 shares of INVO's Series B Preferred Stock in exchange for shares of NAYA Biosciences Inc. INVO's improved financial position, including a significant reduction in net loss and reduced operating costs, contributed to meeting Nasdaq's listing criteria. Additionally, INVO is in the process of merging with NAYA Biosciences in an all-stock transaction, pending certain conditions.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:32 pm

BMY

RNA

Avidity Biosciences' stock is trading higher following the announcement of an expanded cardiovascular collaboration with Bristol Myers Squibb, valued at $2.3 billion. Avidity will receive an upfront payment of $100 million.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:31 pm

VLD

Atomic Industries has purchased a fully integrated metal additive manufacturing solution from Velo3D, Inc. (VLD), including a Sapphire printer calibrated for M300 tool steel. This acquisition will enhance Atomic Industries' capabilities in tool and die manufacturing for aerospace, automotive, and energy industries. The printer will be housed in a newly renovated Detroit facility, and Atomic Industries is the first to qualify M300 tool steel for injection molding tooling with the Sapphire printer. Velo3D's technology enables the production of high-quality tooling parts with improved performance and extended lifecycle.

Portfolio Pulse from Benzinga Newsdesk

November 28, 2023 | 2:31 pm

BMY

RNA

Avidity Biosciences Inc (RNA) announced a collaboration with Bristol Myers Squibb (BMY) to develop and commercialize cardiovascular targets, with potential payments up to $2.3 billion. Avidity will receive $100 million upfront, including a $60 million cash payment and a $40 million stock purchase by BMY at $7.88 per share. The deal includes up to $1.35 billion in R&D milestones, $825 million in commercial milestones, and royalties on net sales. BMY will fund all future activities for the collaboration. RNA shares surged 28.4% in premarket trading.

Portfolio Pulse from Vandana Singh

November 28, 2023 | 2:17 pm