Streetbeat News

Acquisitions Mergers

ACAD

Acadia Pharmaceuticals has announced the addition of ACP-101, a Phase 3 development candidate for the treatment of hyperphagia in Prader-Willi syndrome (PWS), to its rare disease portfolio. The company acquired worldwide rights to ACP-101 through its acquisition of Levo Therapeutics in June 2022. Acadia plans to initiate a Phase 3 study in Q4 2023.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 8:11 pm

MLAC

Malacca Straits Acquisition has terminated its merger agreement with Indiev, Inc, dated September 26, 2022, and announced its intention to liquidate.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 8:03 pm

DHC

OPI

Flat Footed LLC (FFL), a top shareholder of Diversified Healthcare Trust (DHC), questions the appropriateness and timing of insider Adam D. Portnoy's recent purchases of DHC stock. FFL believes the proposed merger with Office Properties Income Trust (OPI) undervalues DHC and would benefit RMR Group, the external manager of both REITs, at shareholders' expense.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 8:03 pm

LAD

Lithia Motors has announced the acquisition of 13 locations from Priority Automotive Group in Virginia, expected to generate over $1.2 billion in annualized revenue.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 6:54 pm

BP

CVE

A preliminary report by the U.S. Chemical Safety and Hazard Investigation Board suggests that supervisors at the Ohio BP-Husky refinery ignored warning signs and continued to run the plant despite malfunctions and a petroleum spill, leading to a fatal accident that killed two workers last year. Cenovus Energy Inc (NYSE:CVE) acquired the remaining 50% of the Toledo Refinery for $300 million from BP plc (NYSE:BP) in February 2023.

Portfolio Pulse from Vandana Singh

June 13, 2023 | 6:51 pm

ERYP

Erytech Pharma is facing opposition from activist investor Akkadian Partners, which owns 5% of the company's stock, over its proposed merger with Pherecydes Pharma. Erytech warns that derailing the merger could destroy the value of both companies, while Akkadian argues that Erytech has sufficient resources to continue trading and grow without the merger.

Portfolio Pulse from Vandana Singh

June 13, 2023 | 6:34 pm

NDAQ

Oppenheimer analyst Owen Lau reiterated an Outperform rating on Nasdaq, Inc. (NDAQ) with a price target of $65, following the acquisition of Adenza. Lau expects the deal to increase Nasdaq's recurring revenue, margin, and organic growth, and sees the recent sell-off as a buying opportunity for long-term investors.

Portfolio Pulse from Nabaparna Bhattacharya

June 13, 2023 | 6:31 pm

BEP

Brookfield Renewables announced it will acquire Duke Energy Renewables, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 5:57 pm

SMPL

Needham analyst Matt McGinley reiterated a Buy rating on Simply Good Foods Co (NASDAQ:SMPL) with a price target of $42. The analyst expects FY23 revenue and EBITDA growth to be weighted to 2H and sees potential for M&A due to the company's low leverage ratio.

Portfolio Pulse from Shivani Kumaresan

June 13, 2023 | 5:53 pm

BG

Bunge CFO John Neppl stated that a $4 billion annual EBITDA is a reasonable target for the combined company. This comes after Bunge's recent acquisition of a controlling stake in a Brazilian soybean processing plant.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 5:34 pm