Streetbeat News

Acquisitions Mergers

VNDA

Vanda Pharmaceuticals Inc. (VNDA) has rejected multiple unsolicited takeover proposals from Future Pak, LLC, stating that the offers significantly undervalue the company. The most recent offer was between $7.25 and $7.75 per share. Vanda's Board, after consulting with financial and legal advisors, concluded these offers do not align with the company's best interests, citing its strong clinical pipeline, commercial presence, cash balance, and growth prospects. The Board views these proposals as opportunistic, offering minimal premium over Vanda's cash balance and not adequately valuing its revenue stream and pipeline.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 1:05 pm

ABVC

ABVC BioPharma, Inc. (NASDAQ:ABVC) has entered into a licensing agreement with OncoX for the development and commercialization of BLEX 404, a drug for treating Non-Small Cell Lung Cancer (NSCLC), derived from Maitake Mushroom. The agreement includes an upfront payment of $12.5 million in cash or shares, a milestone payment of $1.25 million, and royalties up to $12.5 million. This partnership aims to leverage ABVC's R&D capabilities and OncoX's market positioning to address the unmet needs in NSCLC treatment, potentially transforming patient outcomes with combination therapy.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 1:01 pm

MCHI

Chinese exporters at the Canton Fair are facing challenges despite China's 5.3% economic growth in Q1, including a decline in exports and producer prices. Increased economic and political tensions with the U.S., global trade slowdowns, and manufacturing overcapacity are key issues. Some sectors, like high-tech, remain optimistic due to government support. Trade tensions could worsen with potential U.S. tariffs and blacklisting of Chinese companies. The iShares MSCI China ETF (MCHI) saw a 1.02% dip.

Portfolio Pulse from Benzinga Neuro

April 17, 2024 | 12:58 pm

CXAI

INVO

VNDA

Vanda Pharmaceuticals (VNDA) shares surged 50% after announcing proposals to acquire Vanda Pharmaceuticals, with the latest offer still under consideration. INVO BioScience (INVO) shares jumped 127% following a report of increased Q4 revenue and a projection to reach break-even or profitability by 2024. CXApp (CXAI) shares rose 35% after reporting a 24% growth in Annual Recurring Revenue (ARR) for 2023.

Portfolio Pulse from ryanfaloona@benzinga.com

April 17, 2024 | 12:33 pm

AAPL

Apple Inc. is considering expanding its manufacturing base to Indonesia as part of its strategy to diversify production and reduce dependency on Chinese manufacturing. This follows discussions between CEO Tim Cook and Indonesian President Joko Widodo. The move is in line with Apple's efforts to explore new markets and enhance global supply chain resilience, with Vietnam and India already playing significant roles in Apple's manufacturing diversification.

Portfolio Pulse from Benzinga Neuro

April 17, 2024 | 12:24 pm

VHAI

Vocodia Holdings Corp (CBOE: VHAI) provided a corporate update highlighting its growth since going public, including strategic partnerships, technological advancements in AI, and financial milestones. The company has launched AI service platforms in global automobile dealerships and a major utility provider, aiming to enhance operational efficiency and customer interaction. With a successful IPO raising $5.95 million and insider investments of $400,000, Vocodia is focusing on expanding its conversational AI technology to redefine customer service standards.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 12:19 pm

VNDA

Vanda Pharmaceuticals has made three proposals since February to acquire all outstanding shares of common stock of Vanda Pharmaceuticals, with its latest proposal still open for consideration by Vanda and its Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 11:42 am

SLG

VNO

SL Green Realty and Vornado Realty Trust have modified and extended a $125.0M mezzanine loan on 280 Park Avenue, then repaid the loan for $62.5M. This financial maneuver could indicate strategic financial management by both entities involved.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 11:40 am

SCGLY

STT

Bloomberg reports that State Street is considering the acquisition of Societe Generale's custody arm, with Socgen seeking over €1B for the unit. This move could significantly impact both companies by potentially enhancing State Street's global custody services while providing Socgen with a substantial financial influx.

Portfolio Pulse from Charles Gross

April 17, 2024 | 11:38 am

AGFY

NMHI

Nature's Miracle Holding has entered into a term sheet to acquire all outstanding shares of Agrify, with Agrify shareholders to receive approximately 0.45 shares of Nature's Miracle for each share they hold. The equity of Agrify is valued at $6,350,528, and the transaction is expected to close within six months.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 11:32 am