Streetbeat News

Acquisitions Mergers

ACAB

Biotechnology company Abpro is set to become publicly traded through a merger with Atlantic Coastal Acquisition Corp. II (NASDAQ:ACAB). The deal values Abpro at $725 million and will help advance its drug pipeline to clinical trials. Abpro is currently developing next-generation antibody therapies for various diseases, including HER2+ cancer treatments and treatments for Wet AMD/DME and COVID-19.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:00 pm

QSG

QuantaSing Group Limited's (NASDAQ:QSG) shares have been trading lower since its Q4 earnings report last week, with a 63% drop over the past five days. The company also announced the acquisition of Kelly's Education, an online language education platform. Noble Capital Markets initiated coverage on QuantaSing with an Outperform rating and a price target of $10.

Portfolio Pulse from Ryan Gustafson

September 21, 2023 | 7:03 pm

BX

EBAY

Private equity firms Blackstone Group Inc (BX) and Permira are reportedly considering a bid for Adevinta, a company backed by eBay Inc (EBAY).

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 6:57 pm

DRI

MURF

SEEL

SPLK

TVTX

US stocks traded lower with the Dow Jones falling around 200 points. Darden Restaurants Inc reported better-than-expected earnings for its first quarter with sales growth of 11.6% YoY to $2.73 billion. Murphy Canyon Acquisition Corp. shares shot up 39% after stockholder approval of the proposed combination with Conduit Pharmaceuticals. Cisco Systems agreed to acquire Splunk for $157 per share in cash. Travere Therapeutics shares dropped 41% after announcing topline two-year confirmatory secondary endpoint results from its Phase 3 PROTECT Study. Seelos Therapeutics was down 38% after announcing a $4.5 million registered direct offering of common stock and warrants to purchase common stock.

Portfolio Pulse from Lisa Levin

September 21, 2023 | 6:30 pm

AAPL

DIS

Disney's CEO Bob Iger's plans to sell its linear TV assets and seek partners for ESPN have reignited speculation of a potential deal with Apple. Apple, with a market cap of $2.8 trillion and $62 billion in cash, could afford to acquire parts of Disney. However, Apple's culture of avoiding big deals and potential regulatory scrutiny could be obstacles. Disney's ESPN, which is planning to launch a streaming version, could be of interest to Apple, which has been expanding its live sports offerings on AppleTV+. Wedbush Securities analyst Dan Ives estimates that acquiring ESPN could cost Apple close to $50 billion.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 6:01 pm

SNY

Pharmanovia has announced the acquisition of exclusive control of Sanofi's pharmaceutical product assets. The deal is expected to expand Pharmanovia's product portfolio and strengthen its position in the pharmaceutical industry.

Portfolio Pulse from Happy Mohamed

September 21, 2023 | 4:15 pm

LII

Lennox International, Inc. (NYSE:LII) has agreed to sell its European commercial HVAC and refrigeration businesses to Syntagma Capital. The financial terms were not disclosed. The transaction is expected to be completed in Q4 2023. This follows Lennox's recent sale of its Hyfra Process Cooling business unit to the Glen Dimplex Group. LII shares are currently trading lower by 2.71%.

Portfolio Pulse from Nabaparna Bhattacharya

September 21, 2023 | 3:34 pm

MMP

OKE

Investors of Magellan Midstream Partners (MMP) have voted in favor of the proposed merger with ONEOK (OKE).

Portfolio Pulse from Happy Mohamed

September 21, 2023 | 3:10 pm

CSCO

SPLK

Cisco Systems (NASDAQ:CSCO) has announced its plan to acquire Splunk (NASDAQ:SPLK) for $28.00 billion in cash, expected to be completed in Q3 of 2024. Cisco Systems is a leading provider of networking equipment and cybersecurity software, while Splunk is a cloud-first software company focusing on machine data analysis.

Portfolio Pulse from Benzinga Insights

September 21, 2023 | 3:10 pm

UPTD

TradeUP Acquisition Corp (NASDAQ:UPTD) shares are trading higher after the company entered into subscription agreements with Lianhe World Limited and Plentiful Limited in connection with its planned business combination transaction with Estrella Biopharma, Inc. Each of these companies will purchase $5,000,000 in shares of the combined company priced at $10 per share. The combined company's first day of trading is anticipated in October 2023. UPTD shares are up 42% at $17.15.

Portfolio Pulse from Erica Kollmann

September 21, 2023 | 3:08 pm