Streetbeat News

Acquisitions Mergers

ADBE

Adobe's $20 billion acquisition of Figma is facing regulatory scrutiny from the European Union, following a similar review by UK regulators. US watchdogs are also preparing for a lawsuit opposing the deal.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 7:30 pm

QNCX

Quince Therapeutics announced its plans to acquire EryDel SpA and its Phase 3 Asset Targeting Ataxia-Telangiectasia in a stock-for-stock upfront exchange. Stockholders may receive up to $485 million in a potential earnout. This news has led to a decrease in Quince Therapeutics' share price.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 6:40 pm

QNCX

Quince Therapeutics Inc (NASDAQ:QNCX) has agreed to acquire EryDel SpA, a late-stage biotech company. The deal involves a stock-for-stock upfront exchange and potential downstream milestone cash payments. EryDel stockholders will own approximately 16.7% of the combined company and will be entitled to up to $485 million upon achieving development, regulatory, and commercial milestone payments. The transaction is expected to close in Q3 2023. QNCX shares are down 24.10% at $1.20 on the last check Monday.

Portfolio Pulse from Vandana Singh

July 24, 2023 | 4:03 pm

EWL

UBS

UBS has announced that it will reflect the provision in purchase accounting for the acquisition of Credit Suisse. The Federal Reserve and FINMA have imposed remedial requirements relating to credit, liquidity and non-financial risk management, as well as oversight.

Portfolio Pulse from Happy Mohamed

July 24, 2023 | 3:56 pm

LYFT

UBER

Lyft is reportedly exploring strategic alternatives for its bikes division, including a potential sale or partnership. The company aims to keep the bikes listed on its app to avoid significant changes for riders. Lyft's recent initiatives have helped it regain some market share from Uber. Lyft's stock traded higher by 1.40% on Monday.

Portfolio Pulse from Anusuya Lahiri

July 24, 2023 | 3:15 pm

RITM

SCU

Rithm Capital (NYSE:RITM) has announced its plan to acquire Sculptor Cap (NYSE:SCU) for $639 million in cash in exchange for SCU stock. The acquisition is expected to be completed in Q4 of 2023. Rithm Capital operates as a real estate investment trust, while Sculptor Capital Management is an alternative asset management firm.

Portfolio Pulse from Benzinga Insights

July 24, 2023 | 3:10 pm

LIVE

Live Ventures Inc (NASDAQ:LIVE) has acquired Precision Metal Works for $28 million, comprising $25 million cash and up to $3 million in an earn-out. The acquisition is expected to be immediately accretive to earnings and add $75 million to the annual revenue stream. Live Ventures will retain PMW's existing management team and all its employees.

Portfolio Pulse from Akanksha Bakshi

July 24, 2023 | 2:43 pm

FAZE

FaZe Holdings Inc (NASDAQ:FAZE) is reportedly evaluating acquisition offers from Gamesquare and Enthusiast Gaming. The potential deals may include an equity swap and a possible cash infusion. FaZe Holdings, which went public via SPAC a year ago, has seen its stock steadily trend lower after an initial surge. The company has until September 19 to regain compliance and avoid delisting from Nasdaq.

Portfolio Pulse from Adam Eckert

July 24, 2023 | 2:35 pm

FRTX

Fresh Tracks Therapeutics Inc (FRTX) shares are trading lower by 12.8% to $0.83. This follows the company's announcement of an $8.25 million buyout of its right to receive future sofpironium bromide payments from Botanix. Under the terms of the APA Amendment, Botanix will pay $8.25 million in cash in lieu of all remaining amounts potentially payable by Botanix to the company.

Portfolio Pulse from Henry Khederian

July 24, 2023 | 2:32 pm

AEON

PMGM

Priveterra Acquisition Corp (PMGM) has completed its business combination with AEON Biopharma, changing its name to AEON Biopharma and commencing trading on the NYSE under the ticker 'AEON'. AEON also announced the closing of funding arrangements of up to $125 million, which will help fund its clinical development of ABP-450 to treat various medical conditions.

Portfolio Pulse from Adam Eckert

July 24, 2023 | 2:14 pm