Streetbeat News

Acquisitions Mergers

BDRX

Biodexa Pharmaceuticals PLC-ADR (NASDAQ:BDRX) stock surged 60% after acquiring rights to tolimidone, a drug for gastric ulcers with potential in Type-1 and Type-2 diabetes treatment. Biodexa plans a Phase II study for Type-1 diabetes to confirm effectiveness. The deal includes upfront payment, milestone payments, share issuance to Melior and Bukwang, and royalties on sales. The transaction is expected to close in Q4 2023. BDRX's 52-week range is $2.26 to $579.20.

Portfolio Pulse from Henry Khederian

November 27, 2023 | 2:23 pm

BDRX

Biodexa Pharmaceuticals' stock is trading higher following the announcement of an exclusive worldwide license acquisition for tolimidone.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 2:21 pm

BDRX

Biodexa has entered into agreements to acquire an exclusive worldwide license for Tolimidone, a drug that is ready to enter Phase II trials for the treatment of Type 1 Diabetes.

Portfolio Pulse from Bill Haddad

November 27, 2023 | 2:10 pm

CRON

Cronos Group Inc. (CRON) has sold its Peace Naturals Campus to Future Farmco Canada Inc. for CA$23 million. The sale includes a leaseback agreement for continued operations at the campus, with a five-year term and an option for renewal. Cronos aims to improve its gross margin profile and reduce costs through this deal, which is expected to strengthen its balance sheet and support organic growth without disrupting current operations. The transaction is subject to conditions and approvals, including from Health Canada. CRON shares dropped slightly in pre-market trading.

Portfolio Pulse from Jelena Martinovic

November 27, 2023 | 2:06 pm

GE

GEHC

General Electric Co (NYSE:GE) is preparing for the spin-off of GE Vernova, which will be listed as 'GEV' on the NYSE. The spin-off is part of GE's plan to create three independent companies, with GE Aerospace continuing under the current GE stock listing. GE Vernova has signed an MoU with Next Hydrogen Solutions Inc. for green hydrogen production. GE HealthCare Technologies Inc (NASDAQ:GEHC), already spun-off from GE, has seen a stock surge after FDA approval for a remote scanning solution and strong financial performance.

Portfolio Pulse from Surbhi Jain

November 27, 2023 | 1:57 pm

CCI

SHOP

THAR

Tharimmune reported positive Phase 1 data for TH104 in treating chronic pruritis in primary biliary cholangitis, achieving its primary objective with favorable safety. Crown Castle's shares rose after Elliott Management took a $2B stake and recommended operational improvements. Shopify's stock increased following a report of strong Black Friday sales.

Portfolio Pulse from ryanfaloona@benzinga.com

November 27, 2023 | 1:54 pm

NCNC

noco-noco Inc. (NASDAQ:NCNC) plans to acquire 51% of Japanese EV manufacturer Assemblepoint for $3.6M via a share swap. The deal, expected to close in Q1 2024, aims to leverage noco-noco's battery technology and Assemblepoint's scalable Smart Bus assembly to address environmental and transportation challenges. The acquisition is anticipated to be accretive to noco-noco's revenue and earnings in 2024 and will support its expansion in the EV market across Asia and the Middle East. The Philippines, a key market, aims to reduce emissions by 75% by 2023, and the partnership will help overcome challenges like lack of charging infrastructure.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:46 pm

AGLE

Aeglea BioTherapeutics has changed its name to Spyre Therapeutics and will trade under the symbol 'SYRE' starting November 28, 2023. The company appointed Cameron Turtle as CEO and added industry veterans Jeffrey Albers and Laurie Stelzer to its Board of Directors. Spyre is expanding its leadership team to develop therapeutic combinations for IBD, with lead programs SPY001 and SPY002 entering clinical studies in 2024. The company has a financial runway into 2026 with $205 million in cash and equivalents as of September 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:42 pm

FG

UIS

Unisys Corporation (NYSE:UIS) has transferred a portion of its U.S. pension obligations to F&G Annuities & Life, Inc. (NYSE:FG) through the purchase of group annuity contracts worth $250 million. This move, which affects about 3,900 retirees, is part of Unisys's strategy to reduce pension liabilities and volatility without impacting retirees' payment amounts or timing. The transaction will result in a one-time, non-cash, pre-tax settlement charge of approximately $244 million for Unisys, but will not affect the company's cash position.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:39 pm

GNE

Genie Energy Ltd.'s subsidiary, Sunlight Energy Investments, has acquired a portfolio of 12 operating solar arrays totaling 9.4 MW-DC from a project developer. These arrays, located in Ohio and Michigan, have long-term fixed-price PPAs with school facilities. The acquisition is expected to be immediately accretive to Genie Energy's bottom line. Sunlight Energy, which is primarily financed by Genie Energy, also obtained the right of first refusal on future projects from the developer.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:36 pm