Streetbeat News

Acquisitions Mergers

AVRO

NVS

Avrobio has agreed to sell its investigational hematopoietic stem cell (HSC) gene therapy program for cystinosis treatment to Novartis for $87.5 million in cash. Avrobio will retain full rights to its portfolio of HSC gene therapies for other diseases.

Portfolio Pulse from Ryan Gustafson

May 22, 2023 | 7:58 pm

AVIR

Atea Pharmaceuticals has received an acquisition proposal from Tang Capital Partners affiliate, Concentra, to acquire all of its outstanding common stock.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 7:30 pm

ATVI

MSFT

Benchmark Company analyst Mike Hickey named Activision Blizzard (ATVI) as a top pick in the Entertainment & Digital Media sector and set a price target of $90. Hickey sees upside in Microsoft's (MSFT) proposed acquisition of ATVI, with investors potentially rewarded with a 21% upside to MSFT's $95 bid or a 15% upside to the FY23 $90 price target if the deal is abandoned.

Portfolio Pulse from Franca Quarneti

May 22, 2023 | 6:54 pm

GRIL

Muscle Maker Inc's subsidiary, Sadot LLC, has agreed to acquire 4,942 acres of agricultural land in Zambia for $8.5 million. The acquisition will help Sadot expand its position as an international agri-foods company and diversify Muscle Maker's US-centric restaurant business.

Portfolio Pulse from Shivani Kumaresan

May 22, 2023 | 6:41 pm

ACAQ

Athena Consumer Acquisition Corp. (NYSE: ACAQ) has announced a fifth extension of the deadline to complete its initial business combination, moving the date from May 22, 2023 to June 22, 2023. The company's sponsor, Athena Consumer Acquisition Sponsor LLC, has deposited $112,691.48 into Athena's trust account in connection with this extension.

Portfolio Pulse from Benzinga Newsdesk

May 22, 2023 | 6:40 pm

JPM

JPMorgan Chase & Co (JPM) expects a $3 billion increase in net interest income for the year following its acquisition of First Republic Bank (FRC). The bank now anticipates $84 billion in net interest income. To generate a monthly dividend income of $500, an investor would need to own approximately $206,000 worth of JPM stock, or 1,495 shares.

Portfolio Pulse from AJ Fabino

May 22, 2023 | 6:28 pm

IRWD

VECT

Ironwood Pharmaceuticals has agreed to acquire VectivBio Holding for $17.00 per share in an all-cash transaction worth approximately $1 billion. The acquisition can potentially strengthen Ironwood's portfolio and pipeline to advance the treatment of gastrointestinal diseases. Ironwood expects the deal to be accretive to earnings per share beginning in 2026.

Portfolio Pulse from Vandana Singh

May 22, 2023 | 6:06 pm

AVRO

NVS

Avrobio Inc has agreed to sell its investigational hematopoietic stem cell (HSC) gene therapy program for cystinosis to Novartis AG for $87.5 million in cash. The proceeds will extend Avrobio's cash runway into Q4 2024.

Portfolio Pulse from Vandana Singh

May 22, 2023 | 5:08 pm

DKNG

Betr co-founders Jake Paul and Joey Levy discussed their company's strategy to create a better product and use their money wisely to attract customers and control their technology. They highlighted Betr's notable growth and the acquisition of the Chameleon platform for $7.5 million, comparing it to DraftKings' acquisition of SBTech for hundreds of millions of dollars.

Portfolio Pulse from Chris Katje

May 22, 2023 | 4:58 pm

FRCB

JPM

JPMorgan Chase raises its 2023 net interest income (NII) guidance to $84 billion, up from $81 billion, reflecting optimism about the takeover of First Republic Bank. The acquisition includes $173 billion in loans, $30 billion in securities, and an assumption of $92 billion in deposits.

Portfolio Pulse from Lekha Gupta

May 22, 2023 | 4:11 pm