Streetbeat News

Acquisitions Mergers

GLCNF

GLNCY

PLM

PolyMet Mining Corp (PLM) has agreed to sell its remaining 17.8% of shares to Glencore PLC (GLCNF, GLNCY) for $2.11 per share, a 167% premium over PLM's share price as of June 30, 2023. The deal is expected to close in late Q3 or early Q4. Following the transaction, Glencore will hold 100% of PolyMet shares.

Portfolio Pulse from Lekha Gupta

July 17, 2023 | 1:51 pm

CSE:GSL

ACT Laboratories, Inc. has completed the acquisition of the Florida lab operations and related assets from Green Scientific Labs Holdings Inc. (CSE:GSL). This expansion puts ACT LAB on track to be operational in eight states in the eastern U.S. by year end. The company also confirmed that Rafael Bombonato, former chief compliance officer and interim CEO of Green Scientific, will become vice president of quality for ACT LAB.

Portfolio Pulse from Vuk Zdinjak

July 17, 2023 | 1:43 pm

PRDS

MediPacific has agreed to acquire Pardes Biosciences Inc (NASDAQ:PRDS) for $2.02 to $2.19 per share in cash, along with contingent value rights associated with any future monetization of its COVID-19 antiviral portfolio and related intellectual property. The acquisition is expected to close in the third quarter.

Portfolio Pulse from Adam Eckert

July 17, 2023 | 1:25 pm

INFI

MEIP

MEI Pharma, Inc. (NASDAQ:MEIP) has encouraged its shareholders to vote in favor of the pending transaction with Infinity Pharmaceuticals, Inc. (NASDAQ:INFI). The transaction aims to create a combined company with a diversified pipeline of three clinical-stage development programs. Proxy advisory firms ISS and Glass Lewis have recommended shareholders to vote for the transaction.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 1:19 pm

CISS

IMPP

Imperial Petroleum Inc. has announced the sale of its Aframax tanker to C3is for $43 million.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 1:16 pm

CRSR

Corsair Gaming Inc (NASDAQ:CRSR) has acquired certain assets from Drop, a company that develops and sells a portfolio of peripherals and enthusiast products. The deal, for an undisclosed amount, is expected to significantly grow the Drop brand worldwide and offer specialized Corsair and Elgato products to the enthusiast community. As of March 31, 2023, Corsair's cash and cash equivalents stood at $182.1 million. CRSR shares are trading lower by 0.78% at $17.61 premarket on the last check Monday.

Portfolio Pulse from Lekha Gupta

July 17, 2023 | 1:13 pm

FFIC

SBNY

Flushing Financial Corporation (NASDAQ:FFIC), the parent company for Flushing Bank, has acquired a commercial real estate lending team from the former Signature Bank. The move is expected to strengthen Flushing Bank's Commercial Real Estate Lending group and attract new clients.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 1:02 pm

LGND

NOVN

Novan has entered into an agreement to sell substantially all of its assets, including Berdazimer Gel, 10.3% (Sb206), and has filed for Chapter 11 protection. Ligand has committed to fund $15M in debtor-in-possession financing.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 12:48 pm

AAL

JBLU

American Airlines Group Inc (AAL) and JetBlue Airways Corp (JBLU) have begun the process of dissolving their Northeast Alliance, a collaboration formed during the COVID-19 pandemic to share bookings, routes, and passengers. The dissolution comes after the Justice Department sued the airlines in 2021, calling the alliance a 'merger' that resulted in higher costs and fewer options for passengers. JetBlue is focusing on its $3.8 billion acquisition of Spirit Airlines, while American continues to challenge the Northeast Alliance verdict.

Portfolio Pulse from Akanksha Bakshi

July 17, 2023 | 12:41 pm

ABBV

LLY

MLTX

MRK

NVS

MoonLake Immunotherapeutics (NASDAQ:MLTX) is reportedly seeking a potential sale and has engaged an investment bank for the process. The company, which focuses on antibody-derived treatments for inflammatory skin conditions, is in preliminary talks with interested pharmaceutical companies. MoonLake recently raised $400 million through a stock sale to fund the development of sonelokimab. Since its public debut in 2022, MoonLake's stock price has increased fivefold.

Portfolio Pulse from Vandana Singh

July 17, 2023 | 12:38 pm