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Acquisitions Mergers

ABCM

DHR

Jonathan Milner, founder and one of the largest shareholders of Abcam plc (ABCM), has released a presentation urging shareholders to reject Danaher Corporation's (DHR) $24 per share bid. Milner believes the bid undervalues Abcam, especially considering the company's anticipated growth and increased EBITDA margins for FY24. He also unveiled his strategy for Abcam, 'Abcam 3.0', which includes overhauling the company's board and focusing on four strategic pillars for growth.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 2:34 pm

ALDX

BIOC

LQR

MNTS

OMER

PCTI

U.S. stocks traded higher with the Dow Jones index gaining over 200 points. The NY Empire State Manufacturing Index declined to -4.6 in October. LQR House Inc. shares rose 76% after announcing its product is now available at Costco. PCTEL, Inc. shares rose 47% after Amphenol Corp agreed to acquire it. Momentus Inc. shares rose 32%. Aldeyra Therapeutics shares dropped 60% after FDA feedback on their new drug application. Biocept, Inc. shares dropped 58% after the CEO's resignation and filing for bankruptcy. Omeros Corporation shares fell 47% after discontinuing a trial.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 2:08 pm

VEXTF

Vext Science, Inc. (OTCQX:VEXTF) has announced an agreement to acquire two cannabis dispensaries in Ohio from Big Perm's Dispensary Ohio, LLC for $9.4 million in cash. The deal is subject to regulatory approval by the Ohio Board of Pharmacy. Vext will also fund approximately $3.4 million of construction costs related to the dispensaries and provide administrative, operational and support services to Big Perm. The company is positioning itself for growth in Ohio ahead of the state's recreational legalization vote in November 2023.

Portfolio Pulse from Jelena Martinovic

October 16, 2023 | 1:37 pm

CNSL

Consolidated Communications has announced an agreement to be acquired by Searchlight Capital Partners and British Columbia Investment Management. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 1:30 pm

VSTO

Vista Outdoor has lowered its FY24 guidance and announced a definitive agreement to sell its sporting products business. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 1:27 pm

MANU

Manchester United shares are trading lower after a Qatari investor group led by Sheikh Jassim Bin Hamad J.J. Al Thani reportedly withdrew its bid to acquire the club.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 1:21 pm

WISA

WiSA Technologies is exploring strategic alternatives, which may include acquiring or selling assets, merging with another company, forming partnerships, or repurchasing stock purchase warrants using funds from its next financing round, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 1:21 pm

LRHC

La Rosa Holdings Corp. (NASDAQ: LRHC) has acquired a controlling interest in its franchisee, La Rosa Realty Lake Nona, Inc., which generated over $9.8 million in revenue and positive net income in 2022. The acquisition is expected to expand La Rosa's footprint in Florida and increase its top line revenue. The company plans further franchisee acquisitions, which are expected to improve both top and bottom lines.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 1:16 pm

FBIO

Fortress Biotech's subsidiary, Helocyte, has secured an option agreement with City of Hope for exclusive worldwide rights to use a novel bispecific CMV/HIV CAR T Cell Therapy for HIV-1 treatment. The therapy has shown promising results in preclinical studies, eradicating HIV from latent reservoirs. The California Institute for Regenerative Medicine (CIRM) has granted $11.3 million to fund the Phase 1 clinical trial at City of Hope, which has been accepted by the FDA.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 1:02 pm

BNTX

CFRX

LQR

PCSA

PCTI

Several stocks are experiencing significant pre-market movements. LQR House Inc. shares surged 109% after delivering an inaugural order to Costco. Processa Pharmaceuticals, Inc. shares rose 84.4% following a 45% jump on Friday. PCTEL, Inc. shares climbed 47.4% after Amphenol Corp agreed to acquire PCTEL for around $139.7 million. ContraFect Corporation shares jumped 30% after the company reported FDA clearance of CF-370 IND application to proceed with Phase 1 clinical study. On the downside, BioNTech SE fell 6% after Pfizer, its partner, cut its COVID-19 vaccine and therapy sales outlook.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 12:47 pm