Streetbeat News

Acquisitions Mergers

MLTX

MoonLake Immunotherapeutics is reportedly exploring a sale, which has led to a rise in its share prices. Additionally, HC Wainwright & Co has increased its price target for the company from $37 to $75.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 4:23 pm

MIRM

TVTX

Travere Therapeutics Inc has agreed to sell its bile acid product portfolio to Mirum Pharmaceuticals Inc for up to $445 million. The deal includes $210 million upfront and $235 million in potential sales-based milestone payments. The transaction is expected to close in Q3 of 2023. The deal expands Mirum's footprint in rare liver disease and advances Travere's strategy to deliver new treatment standards for rare diseases.

Portfolio Pulse from Vandana Singh

July 17, 2023 | 4:18 pm

ZIMV

ZimVie shares are trading higher due to a circulating rumor that the company is considering strategic alternatives and is seeing takeover interest. The company is reportedly working with an unknown investment bank.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 4:18 pm

DDD

SSYS

3D Systems (NYSE:DDD) has welcomed the decision by Stratasys Ltd. (NASDAQ:SSYS) to consider 3D Systems' merger proposal as a 'Superior Proposal'. This follows feedback from Stratasys shareholders who do not support the merger with Desktop Metal. 3D Systems expects a swift termination of the Desktop Metal merger agreement and the signing of the 3D Systems-Stratasys merger agreement. The proposed merger would result in Stratasys shareholders owning approximately 44% of the combined company and receiving approximately $540 million in cash.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 4:05 pm

TSLA

Senator Elizabeth Warren has called for an SEC investigation into Tesla over Elon Musk's acquisition of Twitter last year, citing potential conflicts of interest and misappropriation of corporate assets. Warren accused Tesla's board of inadequate disclosures and inaction, raising concerns about the effectiveness of the board's corporate governance and potential violation of securities laws. She also suggested that Musk's relationships with board members may have contributed to their inaction. Tesla is set to report Q2 financial results this week.

Portfolio Pulse from Adam Eckert

July 17, 2023 | 4:03 pm

IQV

The U.S. Federal Trade Commission (FTC) has filed a lawsuit to block the acquisition of Propel Media by Iqvia, citing concerns over increased concentration in the health care programmatic advertising sector.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 4:01 pm

GOOG

META

MSFT

NVDA

TSLA

Meta Platforms (NASDAQ:META) and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk are entering the AI landscape with their respective ventures, challenging the dominance of OpenAI, Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL)-owned Google. Meta is launching a commercial version of its open source AI mode, LLaMA, while Musk has launched his AI venture, xAI. Musk's venture is powered by Nvidia Corporation (NASDAQ:NVDA)-made GPU processors. Meta's new model is open-source, differing from Microsoft-backed OpenAI's approach.

Portfolio Pulse from Upwallstreet

July 17, 2023 | 3:06 pm

NNDM

SSYS

Nano Dimension Ltd. (NNDM) has received clearance from the Department of Justice's Hart-Scott-Rodino Antitrust Improvements Act for its special tender offer for Stratasys Ltd. (SSYS). This marks a significant step towards the completion of the tender offer, as no further regulatory review by U.S. antitrust authorities is required.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 2:41 pm

BKI

ICE

Black Knight and Intercontinental Exchange have agreed to sell Black Knight's Optimal Blue business to a subsidiary of Constellation Software for $700 million. This has led to a rise in Black Knight's share prices.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 2:27 pm

LGND

NOVN

Novan Inc (NOVN) shares are trading lower after Ligand Pharmaceuticals Incorporated (LGND) offered to acquire the company's assets. The deal includes $15 million in cash and up to $15 million in DIP financing. Novan has filed for Chapter 11 reorganization and has entered into a stalking horse acquisition offer with Ligand. The transaction aims to preserve and maximize the value of Novan's commercial business and berdazimer gel development assets. Novan's shares are down 68.1% at $0.20.

Portfolio Pulse from Vandana Singh

July 17, 2023 | 2:25 pm