Streetbeat News

Acquisitions Mergers

MRK

BMO Capital Markets analyst Evan David Seigerman reaffirmed an Outperform rating on Merck & Co. with a $132 price target. Merck's acquisition of Caraway Therapeutics, a biotech company focusing on neurodegenerative and rare diseases, is seen as a strategic move to bolster its portfolio ahead of Keytruda's LOE. The $610 million upfront payment for Caraway will be recognized in 4Q23. Seigerman is impressed with Caraway's science and management, and views the acquisition as a positive step for Merck. MRK shares dropped by 0.92% to $101.27.

Portfolio Pulse from Nabaparna Bhattacharya

November 22, 2023 | 4:55 pm

FRLN

Freeline Therapeutics' stock is trading higher following the announcement of a definitive agreement for its acquisition by Syncona.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 4:42 pm

GNENF

LAAC

LAC

Lithium Americas (Argentina) Corp (NYSE:LAAC) is gaining attention as a strategic investment in the lithium sector following its split from Lithium Americas Corp. (NYSE:LAC). LAAC's Caucharí-Olaroz project is near completion, with 95% of capital deployed, and is expected to start generating revenue by mid-2023. In contrast, LAC faces high-interest rates and won't start production at Thacker Pass until 2026. LAAC's first quarterly report post-split showed a net income of $6.6 million, indicating financial resilience despite a recent drop in lithium carbonate prices. The company's partnership with China's Ganfeng Lithium Group (OTCPK:GNENF) adds geopolitical complexity.

Portfolio Pulse from Surbhi Jain

November 22, 2023 | 4:21 pm

MSFT

Microsoft Corporation (NASDAQ:MSFT) is reportedly negotiating management changes with OpenAI, including board expansion and higher qualifications for board members. Microsoft aims to avoid being surprised by OpenAI's strategic decisions and seeks to enhance its control and oversight. The company already has approval rights for mergers, as seen when OpenAI considered merging with Anthropic. Microsoft is looking to increase protections and notification rights for various scenarios. MSFT shares rose 1.39% to $378.24.

Portfolio Pulse from Nabaparna Bhattacharya

November 22, 2023 | 4:15 pm

ACB

CURLF

IMCC

SPRC

TKUNF

Israel's cannabis industry is growing, with increased medical cannabis prescriptions post-Gaza war. ICD Pharma, Tikun Olam Cannbit (TKUNF), and Syqe Medical are key players, with Syqe set for a $650 million acquisition by Philip Morris. IM Cannabis Corp. (IMCC) was the first Israeli cannabis company on NASDAQ. Curaleaf Holdings (CURLF) and Aurora Cannabis (ACB) are North American companies involved in Israel's market. SciSparc Ltd. (SPRC) plans to merge with an unnamed vehicle importer, expecting the importer to hold 80% of the combined entity post-merger and financing round.

Portfolio Pulse from Jelena Martinovic

November 22, 2023 | 3:18 pm

EIS

Israel and Hamas have reached an agreement to release around 50 hostages in exchange for 150 Palestinian prisoners, with a four-day ceasefire and potential for further releases. The deal includes pauses in fighting and drone flights. U.S. President Biden and Secretary of State Blinken welcomed the deal, emphasizing continued efforts for the release of all hostages. The UN also supports the agreement. Israeli stocks rallied, with the Tel Aviv 125 index up 1.8% and the iShares MSCI Israel ETF (EIS) closing 0.3% higher.

Portfolio Pulse from Piero Cingari

November 22, 2023 | 3:06 pm

FRLN

Syncona Ltd has agreed to acquire Freeline Therapeutics Holdings plc (NASDAQ:FRLN) for approximately $28.3 million, or $6.50 per ADS, a 51% premium over the pre-announcement closing price. The acquisition is expected to close in Q1 2024, and Freeline will become a wholly owned Syncona portfolio company, delisting from Nasdaq. Syncona will also provide up to $15 million in convertible debt financing to support Freeline's operations and FLT201 development. Freeline's shares rose 11.3% to $6.43 after the announcement.

Portfolio Pulse from Vandana Singh

November 22, 2023 | 2:49 pm

AGIL

ATHE

EIGR

GES

NOGN

SPRC

U.S. stocks opened higher with the Dow Jones gaining 150 points. Communication services shares led the gains, while energy shares lagged. U.S. initial jobless claims fell sharply to 209,000, beating expectations. AgileThought, Inc. (AGIL), SciSparc Ltd. (SPRC), and Eiger BioPharmaceuticals, Inc. (EIGR) saw significant stock increases. Conversely, Nogin, Inc. (NOGN), Alterity Therapeutics Limited (ATHE), and Guess?, Inc. (GES) experienced notable declines. Oil prices dropped, and gold saw a slight increase.

Portfolio Pulse from Lisa Levin

November 22, 2023 | 2:43 pm

BAER

Bridger Aerospace has formed a joint venture partnership with Marathon Asset Management and Avenue Capital's Sustainable Solutions Fund to acquire four Canadair CL-215t amphibious aircraft from the Government of Spain for €4M, as per a public tender process concluded on December 5, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 2:34 pm

CRM

MSFT

OpenAI experienced a tumultuous period with the firing of CEO Sam Altman, a 'palace coup', and a staff rebellion. Microsoft's CEO Satya Nadella supported Altman's return, and amidst the chaos, OpenAI and Microsoft faced a copyright lawsuit. Salesforce's CEO Marc Benioff attempted to poach OpenAI staff. Altman is set to return as CEO with a new board including Bret Taylor and Larry Summers.

Portfolio Pulse from Rounak Jain

November 22, 2023 | 2:11 pm