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Acquisitions Mergers

LLY

SGTX

Eli Lilly (NYSE:LLY) has announced the acquisition of Sigilon Therapeutics (NASDAQ:SGTX) for $309.60 million in cash, expected to be completed in Q3 of 2023. Eli Lilly is a drug firm with a focus on neuroscience, cardiometabolic, cancer, and immunology. Sigilon Therapeutics is a clinical-stage biopharmaceutical company developing a new class of therapeutics for patients with chronic diseases.

Portfolio Pulse from Benzinga Insights

June 29, 2023 | 3:10 pm

CSV

Carriage Services has initiated a process to explore potential strategic alternatives, including a sale or merger, to maximize shareholder value. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 3:06 pm

CNVS

Cineverse has acquired all U.S. rights to the film 'The Dirty South'. The company plans to release the film in theaters and on VOD in the fall. The financial terms of the deal were not disclosed.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 3:01 pm

GTVH

Golden Triangle Ventures, Inc. (OTCPK:GTVH) has acquired all assets and intellectual property of Le Pragma, a health, wellness, and beauty products brand. Le Pragma's product line includes CBD products and plans to expand into nootropics and pharmaceutical-grade CBD products. GTVH has developed a marketing strategy for Le Pragma that includes a website refresh, sales distribution expansion, social media influencers, and entry into international markets. Sonder Fulfillment, a subsidiary of GTVH, will distribute all bulk sales of the product line.

Portfolio Pulse from Vuk Zdinjak

June 29, 2023 | 2:58 pm

ABBV

IMNM

Immunome Inc and Morphimmune have announced a merger agreement in an all-stock transaction. The combined company will operate as Immunome and retain the same ticker symbol. A private placement investment of $125 million has also been announced, with participation from several institutional investors. The investment will be used to develop lead assets in the combined pipeline and general working capital. The merger and private placement are expected to close by the end of Q4 2023. Immunome shares are up 36.90% at $8.08 on the last check Thursday.

Portfolio Pulse from Vandana Singh

June 29, 2023 | 2:48 pm

CSV

Carriage Services Inc's shares surged after the Board of Directors initiated a process to explore potential strategic alternatives, including sale, merger, or other transactions to maximize shareholder value. This comes a week after Carlos R. Quezada was appointed as CEO. The company reported a 2.8% Y/Y increase in Q1 FY23 revenue. Last year, the company announced a plan to maximize Free Cash Flow for rapid paydown of credit facility borrowings over 2023 and 2024.

Portfolio Pulse from Shivani Kumaresan

June 29, 2023 | 2:18 pm

BTAI

GNLN

IMNM

MOBQ

SGTX

WAVE

US stocks traded higher with the Dow Jones gaining over 100 points. The US economy expanded by an annualized rate of 2% in Q1, higher than the 1.3% growth in the second estimate. Sigilon Therapeutics (SGTX) shares shot up 547% after Eli Lilly agreed to acquire the company. Shares of Eco Wave Power Global (WAVE) and Immunome (IMNM) also rose significantly. However, shares of BioXcel Therapeutics (BTAI), Greenlane Holdings (GNLN), and Mobiquity Technologies (MOBQ) fell.

Portfolio Pulse from Lisa Levin

June 29, 2023 | 2:10 pm

AYI

Acuity Brands, Inc reported a 5.7% YoY decline in Q3 FY23 net sales to $1.0 billion, missing the consensus of $1.05 billion. However, its adjusted EPS of $3.75 beat the consensus of $3.71. The company also completed the acquisition of KE2 Therm and continued to repurchase its shares. Despite the sales decline, the company expanded its adjusted operating profit margin and generated strong cash flow from operations.

Portfolio Pulse from Anusuya Lahiri

June 29, 2023 | 2:03 pm

LLY

SGTX

Eli Lilly And Co (NYSE:LLY) has agreed to acquire Sigilon Therapeutics Inc (NASDAQ:SGTX) for a purchase price of $14.92 per share in cash, totaling approximately $34.6 million. Sigilon is also entitled to one non-tradeable contingent value right per share to receive up to an additional $111.64 per share in cash, for a total potential consideration of up to $126.56 per share in cash. The transaction is expected to close in the third quarter of 2023. Sigilon's shares are up 488.80% at $23.14.

Portfolio Pulse from Vandana Singh

June 29, 2023 | 1:41 pm

OSTK

Overstock.com Inc (NASDAQ:OSTK) shares are trading higher after the company announced the completion of its acquisition of certain IP assets of Bed Bath & Beyond. The assets include website and domain names, trademarks, tradenames, patents, a customer database and loyalty program data. Overstock plans to re-launch the Bed Bath & Beyond domain in Canada within the next week and in the United States in the coming weeks.

Portfolio Pulse from Adam Eckert

June 29, 2023 | 1:21 pm