Streetbeat News

Acquisitions Mergers

RGEN

Repligen Corporation reported Q3 revenues of $141.19 million, down 30% Y/Y, but beating the consensus of $140.64 million. The company's Q3 adjusted EPS reached 23 cents, beating the consensus of 17 cents. Repligen completed the acquisition of Metenova for $164 million in cash and $9 million in equity consideration. The company forecasts FY23 adjusted EPS of $1.70-$1.76 and revenues of $635 million-$645 million. William Blair reiterated the Outperform rating for Repligen.

Portfolio Pulse from Vandana Singh

October 31, 2023 | 4:32 pm

AGFY

Agrify Corporation (AGFY) has announced that CP Acquisition LLC and its existing institutional lender have signed an agreement under which CP Acquisition purchased all of the outstanding convertible and senior secured notes of Agrify held by the existing lender. CP Acquisition also plans to participate in a future equity raise to inject new capital into the company. The company's CEO, Raymond Chang, is one of the principals of CP Acquisition. The debt reduction and potential for future capital injections position Agrify to rebound and reestablish itself as a preeminent solution provider for the cannabis industry.

Portfolio Pulse from Jelena Martinovic

October 31, 2023 | 3:47 pm

AME

AMETEK Inc reported Q3 FY23 revenue growth of 5% Y/Y to $1.62 billion, missing the consensus of $1.66 billion. The company raised its FY23 EPS outlook to $6.31-$6.33 from $6.18-$6.26. AMETEK also acquired Amplifier Research Corp. for an undisclosed amount and Paragon Medical for about $1.9 billion.

Portfolio Pulse from Lekha Gupta

October 31, 2023 | 3:32 pm

AAC

Ares Acquisition Corp. (AAC) and X-Energy Reactor Company have mutually agreed to terminate their previously announced business combination agreement. This has led to an increase in AAC's share price.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 3:13 pm

ARWR

GSK

JNJ

Johnson & Johnson's Janssen Pharmaceuticals has transferred exclusive worldwide rights to develop and commercialize JNJ-3989, a hepatitis B virus-targeted therapeutic, to GSK plc. The drug was initially in-licensed by Janssen from Arrowhead Pharmaceuticals in 2018. GSK will assume all rights and obligations of the existing license agreement, including financial obligations owed to Arrowhead. GSK will also be responsible for upfront and potential milestone-based payments to Janssen and Arrowhead, totaling approximately $1 billion.

Portfolio Pulse from Vandana Singh

October 31, 2023 | 3:05 pm

JBLU

SAVE

Spirit Airlines, Inc. (NYSE:SAVE) shares have fallen more than 30% over the last five days, possibly due to sympathy with JetBlue Airways Corporation (NASDAQ:JBLU) which reported disappointing Q3 financial results. Additionally, investors are concerned over the Department of Justice's civil antitrust lawsuit to block Spirit Airlines' proposed merger with JetBlue Airways.

Portfolio Pulse from Erica Kollmann

October 31, 2023 | 3:02 pm

TYL

Tyler Technologies, Inc. (NYSE:TYL) has acquired ARInspect, a provider of AI-powered machine learning solutions for public sector field operations. The acquisition will extend Tyler's Application Platform with intelligent edge technology. Tyler plans to leverage ARInspect's technology across its state and federal verticals, focusing on regulated entities. The ARInspect team will join Tyler's Platform Solutions Division.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 2:42 pm

JBLU

SAVE

The US Justice Department is urging a judge to block JetBlue Airways Corp.'s $3.8 billion deal to acquire Spirit Airlines Inc., arguing that the deal is an attempt to eliminate a low-cost rival and increase ticket prices. The federal government, along with six states and Washington DC, sued last year to block the deal, which they say would limit choices for passengers. JetBlue and Spirit argue that the merger is necessary to compete with larger rivals.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 2:29 pm

HUBC

HUB Cyber Security Ltd. (NASDAQ:HUBC) has announced a strategic alliance LOI with an unnamed cybersecurity company. The alliance will involve marketing the combined solutions of both companies in the U.S., the EU, and Israel. HUB will have the option to acquire all shares of the partner company within 6 months, subject to due diligence. The potential transaction value represents 20% of HUB Security's shares. The alliance is expected to enhance HUB's cybersecurity solutions and services, and boost its revenue.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 2:25 pm

ACN

Accenture (NYSE:ACN) has agreed to acquire OnProcess Technology, a provider of supply chain managed services. The acquisition will enhance Accenture's supply chain capabilities, specifically in asset recovery and service supply chain management. OnProcess specializes in reverse logistics for every step of the after-sales process, leveraging automation, AI and data-led decision-making. The combined solution will improve operational efficiency and enhance the customer experience, while supporting a more sustainable supply chain.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 1:19 pm