Streetbeat News

Acquisitions Mergers

LLY

Eli Lilly and Company (NYSE:LLY) plans to acquire Versanis Bio, a cardiometabolic diseases drug manufacturer, for up to $1.925 billion in cash. The acquisition will strengthen Eli Lilly's product profile of obesity-curbing drugs. Versanis' bimagrumab drug, which reduces fat mass while preserving muscle mass, is currently being assessed in a Phase 2b study. Eli Lilly's shares are trading higher by 2.58% to $445.90.

Portfolio Pulse from Nabaparna Bhattacharya

July 14, 2023 | 2:17 pm

BLK

ERIC

JPM

META

MSFT

NOK

NVO

UNH

WFC

Hollywood studios propose using AI replicas of actors. Meta Platforms' Threads app sees a decline in engagement. Citigroup, UnitedHealth, Wells Fargo, JPMorgan Chase, and BlackRock deliver strong Q2 earnings. Nokia and Ericsson shares drop after Q2 earnings. Roivant Sciences in talks with Roche for a potential $7B drug deal. WHO labels aspartame as a possible carcinogen. Microsoft and Activision Blizzard consider UK rights divestiture to appease regulators. Nissan plans to invest in Renault's EV unit. Novo Nordisk's weight-loss drug to be launched in Germany.

Portfolio Pulse from Vandana Singh

July 14, 2023 | 2:09 pm

LLY

Eli Lilly and Company (LLY) announced its plans to acquire Versanis Bio. This news has led to an increase in Lilly's share prices.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 2:07 pm

ACAD

Acadia Pharmaceuticals Inc (NASDAQ:ACAD) shares are trading higher after the company expanded its licensing agreement for trofinetide with Neuren Pharmaceuticals. The agreement gives Acadia exclusive worldwide rights to NNZ-2591 in both Rett syndrome and Fragile X syndrome. Acadia plans to submit a New Drug Submission for trofinetide in Canada in the next 18 months. Neuren will receive an upfront payment of $100 million and is eligible for additional potential downstream milestone and royalty payments.

Portfolio Pulse from Vandana Singh

July 14, 2023 | 1:44 pm

HWKN

Hawkins, Inc. (NASDAQ:HWKN) has acquired EcoTech Enterprises, Inc., a company that manufactures, blends, packages, and distributes water treatment chemicals. This acquisition marks the 40th water treatment location for Hawkins, Inc. and is expected to accelerate its growth in Arkansas and the surrounding region.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 1:26 pm

SCBFY

Standard Chartered PLC (SCBFY) has agreed to sell its subsidiaries in sub-Saharan Africa to Access Bank in Nigeria for an undisclosed amount. The deal includes the bank's stake in its subsidiaries in Sierra Leone, Cameroon, Angola, and Gambia, as well as its consumer, private & business banking business in Tanzania. The deal aligns with Standard Chartered's strategy of enhancing operational efficiencies, decreasing complexity, and driving scale. The deal is expected to close next year.

Portfolio Pulse from Lekha Gupta

July 14, 2023 | 1:26 pm

FREQ

Frequency Therapeutics Inc (NASDAQ:FREQ) and Korro Bio Inc have announced an all-stock merger. Frequency Therapeutics has discontinued its remyelination program for Multiple Sclerosis and is exploring strategic alternatives. If the program is not monetized before the merger, Frequency Therapeutics stockholders will be issued a contingent value right for each outstanding share. The combined company will focus on advancing Korro Bio's RNA editing programs and will trade on Nasdaq under the ticker symbol 'KRRO'. The merger is expected to close in Q4 2023.

Portfolio Pulse from Vandana Singh

July 14, 2023 | 1:22 pm

CSCO

ERIC

IBM

The most accurate Wall Street analysts have given their ratings on three high-dividend yielding tech stocks: International Business Machines Corporation (IBM), Telefonaktiebolaget LM Ericsson (ERIC), and Cisco Systems, Inc. (CSCO). IBM is considering using in-house AI chips to reduce cloud computing service costs. ERIC reported a loss for Q2. CSCO intends to acquire Accedian.

Portfolio Pulse from Lisa Levin

July 14, 2023 | 1:05 pm

ACBA

Ace Global Business Acquisition (ACBA) has announced an additional contribution of $116,777.35, representing approximately $0.05 per share, to its trust account. This is to extend the period to consummate a business combination.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 1:03 pm

JPM

JP Morgan Chase's CFO has stated that the M&A market continues to face headwinds, according to Reuters.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 1:02 pm