Streetbeat News

Acquisitions Mergers

NVO

Germany's Bundeskartellamt approved Novo Nordisk's acquisition of Cardior Pharmaceuticals, aiming to enhance its heart drugs pipeline. The deal, valued at up to €1.025 billion, includes Cardior's lead compound CDR132L, in phase 2 development for heart failure treatment. This acquisition is pivotal for Novo Nordisk's strategy to expand into cardiovascular disease, with CDR132L showing potential in improving heart function. The transaction is expected to close in Q2 2024, while NVO shares saw a 1.42% decline to $122.77.

Portfolio Pulse from Vandana Singh

April 18, 2024 | 5:55 pm

ABBV

CERE

Cerevel Therapeutics Holdings Inc. (NASDAQ:CERE) announced positive results from its Phase 3 TEMPO-3 trial for tavapadon in Parkinson's disease, meeting its primary endpoint and showing significant improvement in 'on' time without troublesome dyskinesia. AbbVie Inc. (NYSE:ABBV) is set to acquire Cerevel for $8.7 billion, with the transaction expected to close in mid-2024. CERE shares rose 1.08% following the announcement.

Portfolio Pulse from Vandana Singh

April 18, 2024 | 5:44 pm

AA

AWCMF

PWER

XME

Alcoa Corporation (NYSE:AA) received price target increases from analysts at BMO Capital Markets and Jefferies following better-than-expected Q1 FY24 results, with an EPS loss of $(0.81) and revenue of $2.60 billion. The company expects increased alumina production and shipments for FY24. The acquisition of Alumina Limited (OTC:AWCMF) for $2.2 billion is seen as beneficial. Analysts project improved EPS for FY24 and FY25, citing positive aluminum price momentum and demand across markets. SPDR S&P Metals & Mining ETF (NYSE:XME) and Macquarie ETF Trust Macquarie Energy Transition ETF (NYSE:PWER) offer exposure to Alcoa stock.

Portfolio Pulse from Lekha Gupta

April 18, 2024 | 5:42 pm

BSY

CDNS

Bentley Systems is exploring sale options due to acquisition interest from companies including Schneider Electric and Cadence Design Systems. Bentley, an engineering software firm, has a market value of about $15 billion.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:54 pm

ALK

HA

Shares of Hawaiian Holdings experienced a decline as market participants reacted to a blog suggesting the Department of Justice (DoJ) might block the proposed merger between Alaska Air and Hawaiian Airlines. This speculation has introduced uncertainty around the deal's completion, impacting investor sentiment towards Hawaiian Holdings.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:34 pm

COP

A group of creditors has hired Centerview Partners to explore a bid for shares of Citgo's parent company. They are encouraging ConocoPhillips to join their bid, though ConocoPhillips remains undecided. Elliott Investment Management, PBF, and Koch Industries are also considering bids in Citgo's court auction.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:32 pm

HAP

HJEN

SHEL

Shell plc (NYSE:SHEL) has signed a gas supply agreement with the Nigerian government for a $3.8 billion Brass methanol project, including a gas processing plant and methanol production facilities. The project aims to utilize Nigeria's vast natural gas reserves and includes a long-term gas supply from a Shell-operated joint venture. Investors can also gain exposure through Direxion Hydrogen ETF (NYSE:HJEN) and VanEck Natural Resources ETF (NYSE:HAP).

Portfolio Pulse from Lekha Gupta

April 18, 2024 | 4:13 pm

BYON

Beyond entered into an asset purchase agreement to sell the Wamsutta brand and certain related intellectual property assets to Indo Count Global for $10.25 million in cash plus the assumption of certain liabilities, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:12 pm

BSY

Bentley Systems is reportedly exploring options, including a potential sale, which has led to its shares trading higher.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:11 pm

SMFL

Smart for Life, Inc. (NASDAQ:SMFL) announced a 1-for-7 reverse stock split effective April 22, 2024, to maintain Nasdaq listing compliance and support future acquisitions. The split-adjusted trading will start on the same date under the same symbol 'SMFL' with a new CUSIP number 83204U608.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:10 pm