Streetbeat News

Acquisitions Mergers

DDD

SSYS

3D Systems (DDD) has reaffirmed its commitment to a business combination with Stratasys (SSYS), despite Stratasys' refusal to engage in discussions. 3D Systems believes the combination would create superior value for Stratasys shareholders and unlock significant growth opportunities. The company has criticized Stratasys' proposed merger with Desktop Metal, arguing that it relies on unfounded and unreasonable assumptions.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 7:59 pm

GILD

RCUS

Gilead Sciences, Inc. has purchased 1.01 million shares of Arcus Biosciences at an average price of $19.26 per share, according to a Form4 filing with the SEC.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 7:37 pm

BXRX

CYT

RNLX

U.S. stocks traded higher with the Nasdaq Composite gaining more than 1% on Friday. Renalytix Plc (NASDAQ:RNLX) shares shot up 44% after the company received FDA De Novo marketing authorization for its KidneyIntelX.dkd prognostic test. Baudax Bio, Inc. (NASDAQ:BXRX) shares shot up 123% after the company agreed to acquire TeraImmune in a stock-for-stock transaction. Cyteir Therapeutics, Inc. (NASDAQ:CYT) shares were up 38% after the company announced it is discontinuing all development of CYT-0851, dissolving the company and liquidating its assets.

Portfolio Pulse from Lisa Levin

June 30, 2023 | 6:34 pm

ATVI

MSFT

SONY

Microsoft CEO Satya Nadella has criticized Sony for the existence of console exclusives, stating he would prefer to eliminate them. This statement contradicts Microsoft's recent actions, as their acquisitions have resulted in several games becoming console exclusives. The FTC hearing against Microsoft has focused on the company's decision to make all ZeniMax games exclusive to Xbox, which is seen as 'powerful evidence' against the proposed $68.7-billion acquisition of Activision Blizzard.

Portfolio Pulse from Franca Quarneti

June 30, 2023 | 6:08 pm

C

FTTUSD

XRPUSD

Citigroup Inc. is reassessing its digital asset custody partnership with Metaco, a Swiss fintech firm, following Metaco's acquisition by Ripple Labs Inc. for $250 million. Ripple Labs is currently involved in a legal battle with the U.S. Securities and Exchange Commission. It is unclear if Citigroup's reassessment is related to the acquisition. Meanwhile, EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., has decided not to use Paxos as a custodian.

Portfolio Pulse from Murtuza Merchant

June 30, 2023 | 5:54 pm

GM

General Motors Co (NYSE:GM) has acquired Algolion, an Israel-based software startup that can detect potential hazards in battery cells. The financial terms of the deal were not disclosed. Algolion's software uses data streams from EV battery management systems to identify anomalies in cell performance. The acquisition comes after GM issued two recalls for thousands of Chevrolet Bolt EVs due to battery fire risk.

Portfolio Pulse from Anusuya Lahiri

June 30, 2023 | 5:31 pm

BXRX

Baudax Bio Inc (BXRX) shares surged after the company announced the acquisition of TeraImmune, a biotechnology company focused on Treg-based cell therapies for autoimmune diseases. The merger adds TeraImmune's TI-168 asset to Baudax's portfolio, a promising cell therapy candidate for Hemophilia A patients. Baudax Bio also plans to continue the development of its existing Neuromuscular Blockade (NMB) portfolio.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 5:17 pm

TRU

Nordic credit data firm Enento is reportedly exploring a sale following interest from potential buyers. This comes after the company rejected an approach from TransUnion.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 4:58 pm

SAFE

RBC Capital Markets analyst Kenneth S. Lee initiated coverage on Safehold Inc. (NYSE:SAFE) with an Outperform rating and a price target of $41. Lee believes SAFE's current share price levels could be an attractive entry point, especially for investors who believe the economy is close to the peak for long-term interest rates. The analyst estimates SAFE's rate sensitivity to be a 15% change in share valuation for every 100bps change in rate movement. Lee also applauds the company's recent iStar merger as it removes many structural hurdles for owning the stock.

Portfolio Pulse from Nabaparna Bhattacharya

June 30, 2023 | 4:48 pm

MOH

Molina Healthcare has announced a definitive agreement to acquire Brand New Day and Central Health Plan of California for approximately $510 million. This has led to a rise in Molina Healthcare's share prices.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 4:41 pm