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Acquisitions Mergers

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XOMA

Xoma has acquired an economic interest in three women's health assets from Daré Bioscience for an upfront payment of $22M, including interests in Ovaprene and Sildenafil Cream. Organon has initiated XACIATO commercial activities, and Bayer HealthCare holds exclusive rights to Ovaprene in the U.S.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:36 am

HUBB

Hubbell projects FY24 Adjusted EPS of $16.00-$16.50, aligning with a $16.43 estimate, and forecasts 8%-10% sales growth YoY, versus a $5.8B estimate. The company expects organic net sales growth of 3%-5% YoY. Adjusted EPS factors out amortization of acquisition-related intangible assets, a loss on the residential lighting business disposition, and transaction costs. Hubbell also anticipates acquisitions net of divestitures to contribute 5% to sales growth, with a diluted EPS of $14.10-$14.60 after adjustments, aiming for a full year 2024 free cash flow of approximately $800 million.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:35 am

VZIO

Vizio's stock price has declined following news that Walmart received a request for additional information from the FTC concerning their planned merger. This development suggests potential regulatory hurdles that could delay or impact the merger's completion.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:32 am

STLA

TSLA

Stellantis N.V. (NYSE:STLA) reported a 12% decline in Q1 revenue to $44.6 billion, missing expectations due to volume, mix, and foreign exchange challenges. Shipments fell by 10%, while BEV and LEV sales rose by 8% and 13%, respectively. The company plans to launch 25 new models in 2024, with four already introduced. A €3 billion share buyback and a 16% dividend increase were confirmed. The revenue dip was partly due to a UAW strike impacting 2023 earnings. Tesla Inc. also reported a 9% drop in Q1 revenue to $21.0 billion, missing estimates.

Portfolio Pulse from Pooja Rajkumari

April 30, 2024 | 11:28 am

HEES

H&E Equipment Services (HEES) has revised its FY24 capital investment forecast to $350M-$400M, down from the previously projected $450M-$500M. The company plans to continue its branch expansion strategy, aiming to open 12 to 15 new locations in 2024. This adjustment comes as equipment availability from manufacturers normalizes. HEES also highlights its growth through acquisitions, including the recent purchase of Precision Rental and the pending acquisition of four locations in Montana, which will bring its total to 145 branches across 30 states by the second quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:17 am

HRMY

Harmony Biosciences acquires Epygenix Therapeutics for $35M, with potential development and sales milestone payments totaling $645M. EPX-100, their lead candidate for rare epilepsy conditions, is in a pivotal trial with topline data expected in 2026, indicating a significant market opportunity.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:14 am

GIS

General Mills (GIS) has announced the acquisition of Edgard & Cooper, expanding its pet food portfolio as part of its Accelerate strategy. This move is aimed at enhancing General Mills' position in the fast-growing pet food market, leveraging Edgard & Cooper's unique brand and product offerings.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:10 am

DCPH

OPHLY

ONO Pharmaceutical Co., Ltd. has entered into a definitive agreement to acquire Deciphera Pharmaceuticals, aiming to expand its oncology portfolio. This strategic move is expected to enhance ONO's position in the global pharmaceutical market by integrating Deciphera's innovative cancer treatments.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 11:04 am

THC

Tenet Healthcare has raised its FY24 revenue outlook to $20B-$20.40B, up from $19.90B-$20.30B, surpassing the $20.37B estimate. Adjusted EPS is now expected to be $8.37-$9.41, significantly higher than the $6.11 estimate. This updated outlook follows the sale of nine hospitals in South Carolina and California.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 10:53 am

MOS

Mosaic shares are trading higher following the announcement of a share purchase and subscription agreement with Saudi Arabian mining company Ma'aden.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 10:48 am