Streetbeat News

Acquisitions Mergers

CHRS

GSK

NVS

SURF

Coherus BioSciences is acquiring Surface Oncology for $40 million, adding two clinical-stage assets to its immuno-oncology pipeline. The deal is expected to close in Q3 2023, with Surface implementing a 50% workforce reduction. Coherus expects Q2 2023 net product revenue of $48-53 million and FY23 net revenues above $275 million.

Portfolio Pulse from Vandana Singh

June 16, 2023 | 12:00 pm

GSK

The FDA has extended the review period for GSK's new drug application for momelotinib, a blood cancer therapy, by three months to September 16, 2023. GSK acquired the therapy through its $1.9 billion acquisition of Sierra Oncology.

Portfolio Pulse from Vandana Singh

June 16, 2023 | 11:56 am

GRAMF

TPCO Holding Corp. shareholders have approved a merger with Gold Flora LLC, with the business combination expected to close in early July 2023. The combined company will continue under the name Gold Flora Corporation.

Portfolio Pulse from Vuk Zdinjak

June 16, 2023 | 11:47 am

APCA

Japanese PET chemical recycling technology company JEPLAN plans to go public on the NYSE through a business combination with AP Acquisition Corp (NYSE: APCA). The combined company will be named JEPLAN Holdings, Inc. and will trade under the ticker symbols 'JPL' and 'JPL WS'. The transaction values the combined company at an estimated equity value of $480 million.

Portfolio Pulse from Charles Gross

June 16, 2023 | 11:19 am

CHRS

SURF

Coherus Biosciences is set to acquire Surface Oncology for $40M in shares at $5.2831/share, plus Surface's net cash of $20M-$25M. Surface shareholders will receive CVRs for 70% of milestone and royalty-based value of existing programs with Novartis AG and GSK plc, and CVRs for 25% of upfront payments for SRF114 and 50% for SRF388.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 11:05 am

ADBE

IRBT

NKLA

SPCE

SQSP

Several stocks are moving higher in Friday's pre-market session, including Virgin Galactic, Nikola, iRobot, Eneti, MorphoSys, Coherent, Canoo, Akoya Biosciences, Squarespace, and Adobe. Key drivers include commercial spaceflight announcements, acquisitions, and better-than-expected earnings.

Portfolio Pulse from Lisa Levin

June 16, 2023 | 10:50 am

NETI

Eneti Inc and Cadeler A/S have entered into a business combination agreement through a stock-for-stock exchange. The proposed combination values Eneti's fully diluted share capital at $597 million. Following the completion, Cadeler and Eneti shareholders will own about 60% and 40% of the combined company, respectively. The combined group will be named Cadeler and be headquartered in Copenhagen, Denmark.

Portfolio Pulse from Shivani Kumaresan

June 16, 2023 | 10:39 am

DKNG

DraftKings has submitted a proposal to acquire PointsBet's US business for $195 million in an all-cash transaction, representing a 30% premium to PointsBet's existing agreement. The acquisition is expected to increase DraftKings' Adjusted EBITDA potential in 2025 and beyond.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 10:36 am

AMZN

IRBT

iRobot shares are trading higher after the UK's Competition and Markets Authority cleared its acquisition deal with Amazon.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 10:14 am

WTMA

WaveTech Group and WTMAC have decided to discontinue their previously announced merger discussions due to unfavorable market conditions, which are not optimal for the planned integration.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 10:03 am