Streetbeat News

Acquisitions Mergers

AVTX

Avalo Therapeutics is selling its AVTX-801, AVTX-802, and AVTX-803 to AUG Therapeutics for an upfront payment of $150,000. Additionally, AUG will make a contingent milestone payment of $15,000,000 for each compound if the first FDA approval is for an indication other than a Rare Pediatric Disease, potentially aggregating to $45 million. AUG will also pay up to 20% of certain payments if any priority review voucher is granted by the FDA and sold.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:13 am

LSDI

Lucy Scientific Discovery is set to acquire Bluesky Wellness and its portfolio of brands in an all-stock transaction. Bluesky's shareholders will receive 3.5M Lucy Scientific's stock and annual earn out payments based on EBITDA multiple for the next 5 years. This acquisition expands Lucy's capabilities into the wellness category by adding psychotropic products.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:09 am

VRTX

Vertex Pharmaceuticals has acquired an undisclosed discovery-stage GPCR program from Septerna. The deal includes a $47.5 million upfront payment and additional potential future payments upon achieving a preclinical milestone and for use of Septerna's GPCR Native Complex™ Platform.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 11:07 am

BA

SPR

Boeing Company has received an order for 25 737 MAX jets from airplane lessor SMBC Aviation Capital. The financial terms were not disclosed. The order is for 737-8 jets, which reduces fuel use and emissions by up to 20%. Each airplane will save up to 8 million pounds of CO2 emissions annually compared to those airplanes it replaces. Boeing's 737 MAX jets are grappling with supplier-related issues with Spirit Aerosystems Holdings, Inc, which has called on Boeing to share a more significant portion of the financial strain brought about by inflation.

Portfolio Pulse from Nabaparna Bhattacharya

September 12, 2023 | 10:59 am

CVEO

Civeo Corporation is set to sell its McClelland Lake Lodge assets to a US-based mining project for approximately $36M. The transaction is expected to close before January 31, 2024, subject to customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 10:32 am

SMFKY

WRK

WestRock Company (NYSE:WRK) and Smurfit Kappa Group Plc (OTC:SMFKY) announced a merger to form Smurfit WestRock, a sustainable packaging company. WestRock shareholders will receive one new Smurfit WestRock share and $5.00 in cash for each share of common stock, equivalent to $43.51 per WestRock Share. The combined companies generated approximately $34 billion in adjusted annual revenue. The merger is expected to close in Q2 2024.

Portfolio Pulse from Shivani Kumaresan

September 12, 2023 | 10:23 am

SMFKY

SMFTF

WRK

WestRock's shares are trading higher following the confirmation of its merger with Smurfit Kappa.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 10:20 am

TRNS

Transcat has entered into an amendment to a share purchase agreement dated August 31, 2021. The company expects its total earn-out obligations under the amendment to be between $3.7M and $4.5M. This is expected to result in a one-time reduction of net income of $2.7M to $3.4M for the quarter ending September 23.

Portfolio Pulse from Charles Gross

September 12, 2023 | 10:20 am

WRK

An earlier headline about a merger involving WestRock was mistakenly posted under the ticker symbol for WestRock Coffee. The error has been corrected.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 10:07 am

GCT

GigaCloud Technology has placed a stalking horse bid of $85 million to acquire Noble House Home Furnishings amidst the latter's Chapter 11 bankruptcy proceedings.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 10:02 am