Streetbeat News

Acquisitions Mergers

SQSP

Squarespace shares rose 7.2% after announcing a definitive agreement to acquire Google Domains assets. Other stocks experienced significant gains, including Oncorus, Evelo Biosciences, Navidea Biopharmaceuticals, and Virgin Galactic Holdings.

Portfolio Pulse from Lisa Levin

June 16, 2023 | 5:08 pm

CHRS

Coherus BioSciences is acquiring Surface Oncology and has affirmed its FY23 guidance while issuing Q2 guidance. This announcement has led to a decline in Coherus BioSciences' share price.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 3:20 pm

CHRS

SURF

Coherus BioSciences (NASDAQ:CHRS) has announced a merger with Surface Oncology (NASDAQ:SURF) expected to be completed in Q3 of 2023. Coherus BioSciences will give Surface Oncology $40 million in exchange for SURF stock, with the payment method yet to be disclosed.

Portfolio Pulse from Benzinga Insights

June 16, 2023 | 3:10 pm

ATIP

CBT

CHRS

MVIS

SOFI

Coherus BioSciences is acquiring Surface Oncology, causing its stock to tumble 16.8%. ATI Physical Therapy completed a transaction support agreement, leading to a 13.5% dip. Cabot Corporation disclosed the impact of the current demand environment on its business segments, resulting in a 10.4% decline. MicroVision entered a sales agreement with Craig-Hallum Capital Group, causing a 9.4% drop. SoFi Technologies was downgraded by Piper Sandler and B of A Securities, leading to a 9.4% drop.

Portfolio Pulse from Lisa Levin

June 16, 2023 | 2:37 pm

DKNG

PBTHF

DraftKings (NASDAQ:DKNG) has outbid Fanatics with a $195 million cash offer to acquire the US business of PointsBet (OTC:PBTHF), a 30% premium to Fanatics' previous offer. The acquisition could scale DraftKings' business and accelerate its path to profitability.

Portfolio Pulse from Chris Katje

June 16, 2023 | 2:07 pm

CUBI

Customers Bancorp (NYSE:CUBI) has acquired a $631 million venture banking loan portfolio from the FDIC at ~85% of book value and hired 30 team members from the loan origination group. The technology and life sciences portfolio will be combined with CUBI's existing Technology and Venture Capital Banking vertical in Boston, while the capital call loans will be combined with CUBI's Fund Finance group in New York and Chicago.

Portfolio Pulse from Akanksha Bakshi

June 16, 2023 | 2:01 pm

AMZN

BABA

BIDU

INTC

IRBT

MU

The UK's CMA cleared Amazon's purchase of iRobot, Intel announced a $4.6 billion investment in Poland, and Baidu secured a license for autonomous ride-hailing in Shenzhen. Micron plans to invest $600 million in a Chinese chip-packaging plant despite restrictions, and Alibaba plans a major European push with Tmall.

Portfolio Pulse from Vandana Singh

June 16, 2023 | 1:33 pm

BSAQ

LCID

Electric vehicle company VinFast filed Form F-4 to complete a merger with SPAC Black Spade Acquisition Co (NYSE:BSAQ) by July 20. VinFast reported a 49.2% YoY revenue decline to $83.54 million in Q1, attributing it to lower selling prices and a pivot to EVs. The pro forma equity valuation of VinFast is estimated to be ~$23 billion.

Portfolio Pulse from Akanksha Bakshi

June 16, 2023 | 1:12 pm

CHRS

SURF

Coherus Biosciences announced it will acquire Surface Oncology, causing Surface Oncology shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 1:09 pm

NETI

Eneti and Cadeler A/S have announced a business combination agreement to combine through a stock-for-stock exchange, causing Eneti shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 1:05 pm