Streetbeat News

Acquisitions Mergers

AZN

AstraZeneca reported better-than-expected Q2 financial results, leading to a rise in its share price. The company's Alexion unit also entered into a definitive purchase and license agreement for a portfolio of preclinical gene therapy programs.

Portfolio Pulse from Bill Haddad

July 28, 2023 | 2:53 pm

RETA

ROKU

SAM

Several US stocks traded higher on Friday, with the Nasdaq Composite gaining around 200 points. Notable gainers include Reata Pharmaceuticals, which rose 53.3% after Biogen agreed to acquire the company, Roku, which gained 20.8% after reporting better-than-expected Q2 results and strong Q3 guidance, and The Boston Beer Company, which surged 18.1% after reporting better-than-expected quarterly results. Other companies that saw significant gains include Business First Bancshares, Huron Consulting Group, TAL Education Group, Costamare, Coursera, Beazer Homes USA, Celestica, SIGA Technologies, Silicon Motion Technology Corporation, UP Fintech Holding Limited, SkyWest, GDS Holdings Limited, Dada Nexus Limited, Cardlytics, AVITA Medical, T. Rowe Price Group, Opendoor Technologies, Meritage Homes Corporation, Skechers U.S.A., Chart Industries, DISH Network Corporation, Upstart Holdings, DexCom, and Intel Corporation.

Portfolio Pulse from Lisa Levin

July 28, 2023 | 2:47 pm

INDA

TSLA

Senior Tesla executives have held discussions with officials from India's investment promotion arm, Invest India, regarding the company's plans to enter the Indian market. Tesla has expressed interest in building a factory in India to produce a low-cost electric vehicle priced at $24,000, which is 25% cheaper than Tesla's current entry model. The vehicle would be for both the Indian market and export. The discussions represent a significant shift for Tesla after previous efforts to reduce import taxes on EVs shipped to India were unsuccessful.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 2:21 pm

BIIB

RETA

Biogen has agreed to acquire Reata Pharmaceuticals, causing Reata's shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 1:24 pm

LEXX

LEXXW

Lexaria Bioscience Corp. has incorporated a new wholly-owned subsidiary, Lexaria Nutraceutical Corp., to utilize its patented DehydraTECH Technology for creating consumer packaged goods and intermediate ingredients. The company also updated on its human oral nicotine study NIC-H22-1, expecting to release results within the next two weeks. The global market for the oral nicotine pouch category is growing rapidly, expected to reach $21.84 billion in 2027.

Portfolio Pulse from Happy Mohamed

July 28, 2023 | 1:11 pm

BIIB

RETA

Biogen Inc has agreed to acquire Reata Pharmaceuticals Inc for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3 billion. Reata's FDA-approved Skyclarys is the first and only approved treatment for Friedreich's ataxia in the U.S. The acquisition is expected to close in Q4 2023 and is expected to be slightly dilutive to Biogen's Non-GAAP diluted EPS in 2023, roughly neutral in 2024, and significantly accretive beginning in 2025.

Portfolio Pulse from Vandana Singh

July 28, 2023 | 1:07 pm

AZN

PFE

AstraZeneca's Q2 FY23 earnings beat consensus with a core EPS of $2.15, up 25% Y/Y, despite no COVID-19 vaccine sales. The strong performance of its cancer drugs offset the loss of vaccine sales. Total revenue was $11.4 billion, up 6%, beating analyst estimates. AstraZeneca's unit Alexion has agreed to buy Pfizer's preclinical gene therapy programs for up to $1 billion. The deal is expected to close in Q3.

Portfolio Pulse from Vandana Singh

July 28, 2023 | 12:46 pm

BIIB

RETA

Biogen has announced its acquisition of Reta Pharma for $172.50 per share in cash. Trading of Reta Pharma shares has resumed following the announcement.

Portfolio Pulse from Charles Gross

July 28, 2023 | 11:37 am

BIIB

Biogen is planning to update its FY23 financial guidance in conjunction with its Q3 earnings release. The company's acquisition of Reata is expected to be slightly dilutive to its Non-GAAP diluted Earnings Per Share (EPS) in 2023, roughly neutral in 2024, and significantly accretive beginning in 2025.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 11:12 am

BIIB

RETA

Biogen has agreed to acquire Reata Pharmaceuticals for $172.50 per share in cash, reflecting an enterprise value of $7.3 billion.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 11:10 am