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Acquisitions Mergers

FSR

ICPT

IMVT

ROIV

SPRY

Despite a general downturn in the US stock market, several companies saw significant gains. Intercept Pharmaceuticals shares climbed 77.3% after Alfasigma agreed to acquire the company. Immunovant shares surged 75.6% following the announcement of initial IMVT-1402 Phase 1 SAD and 300 mg subcutaneous MAD results. ARS Pharmaceuticals jumped 18.8% after Director Rajeev Shah acquired a total of 2,700,000 shares. Roivant Sciences shares rose 17% following the announcement of initial IMVT-1402 Phase 1 SAD and 300 mg subcutaneous MAD results. Fisker shares jumped 14.2% after the company announced plans to ramp up deliveries.

Portfolio Pulse from Lisa Levin

September 26, 2023 | 2:49 pm

LSXMA

SIRI

Sirius XM Holdings Inc (NASDAQ:SIRI) shares are trading lower after Liberty Media Corp (NASDAQ:LSXMA) proposed a business combination with the company. Under the proposal, Liberty would separate LSXM by means of a redemptive split-off of a newly formed subsidiary, which would own all of LSXM's assets and liabilities. Sirius XM shareholders would receive one share of the New Sirius XM common stock and 55 cents per share in cash for each share of Sirius XM held at closing.

Portfolio Pulse from Adam Eckert

September 26, 2023 | 1:42 pm

IDCBF

JPM

MFC

UBS

UBS Group AG has signed a memorandum of understanding with Industrial And Commercial Bank Of China Ltd. to explore strategic alliances in China and overseas markets. The collaboration could include asset management, wealth management, and investment and corporate banking. This follows UBS's acquisition of Credit Suisse last year, which allowed UBS to secure a 20% interest in ICBC Credit Suisse Asset Management Company. Other banks, such as JP Morgan Chase & Co., are also expanding their presence in China.

Portfolio Pulse from Nabaparna Bhattacharya

September 26, 2023 | 1:40 pm

STSS

Sharps Technology has signed a $50 million asset purchase agreement to acquire Nephron's InjectEZ syringe manufacturing facility. This has led to an increase in Sharps Technology's share price.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 1:32 pm

ICPT

Italy-based Alfasigma has agreed to acquire Intercept Pharmaceuticals Inc (NASDAQ:ICPT) for $19.00 per share in cash, a premium of 82% to Intercept's closing stock price on September 25, 2023. The acquisition will expand Alfasigma's gastrointestinal and hepatology portfolio and its presence in the U.S. market. The transaction is expected to close by the end of 2023, after which Intercept's common stock will no longer be publicly listed.

Portfolio Pulse from Vandana Singh

September 26, 2023 | 1:30 pm

CYBN

JAGX

PSIL

Billionaire Steve Cohen has invested nearly $19 million in Cybin Inc. (NYSE:CYBN) for psychedelics R&D. A new bill in Congress aims to discourage federal intervention in states that legalize or decriminalize psilocybin mushrooms. Enthea, a healthcare benefits administrator, is expanding its network to include psychedelic-assisted therapies in health benefit plans. Magdalena Biosciences, Jaguar Health (NASDAQ:JAGX) and Filament Health (OTC:FLHLF) are developing plant-based medicines for mental health indications. The AdvisorShares Psychedelics ETF (NYSE:PSIL) opened at $1.70 on Sept. 18, slightly below previous openings.

Portfolio Pulse from Lara Goldstein

September 26, 2023 | 1:28 pm

CANO

Cano Health has sold almost all of its primary care centers in Texas and Nevada to Centerwell Senior Primary Care. The transaction is valued at approximately $66.7 million, which includes around $35.4 million in cash paid at closing and the release of certain liabilities owed.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 1:06 pm

XPOF

Xponential Fitness, Inc. has reiterated its confidence in achieving the high end of its previously announced guidance for fiscal year 2023, with revenue of $305 million and Adjusted EBITDA of $106.5 million. The company has seen an increase in AUVs and system-wide sales, and expects growth brands such as BFT & Rumble to contribute more to its performance from 2024 to 2026. Xponential Fitness is also planning to acquire another growth brand this year, focusing on a business that can be scaled.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 12:49 pm

FAT

FAT Brands Inc has announced the acquisition of Smokey Bones Bar & Fire Grill restaurant chain from Sun Capital Partners, Inc.'s affiliate for $30 million. This move marks the company's entry into the barbecue business and expands its portfolio of polished dining chains. The acquisition is expected to boost annual adjusted EBITDA by approximately $10 million and add 61 new corporate locations under FAT Brands.

Portfolio Pulse from Lekha Gupta

September 26, 2023 | 12:43 pm

ICPT

Intercept Pharmaceuticals is set to be acquired by Alfasigma for $19 per share in cash. This has resulted in a surge in Intercept's share price.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 12:42 pm