Streetbeat News

Acquisitions Mergers

STE

STERIS has announced a deal to sell its dental segment to Peak Rock Capital for $787.5 million, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:08 am

IPSC

Century Therapeutics announced a pipeline expansion in autoimmune disease treatments, supported by a $60M private placement led by Bain Capital Life Sciences and the acquisition of Clade Therapeutics. This expansion includes additional regulatory filings for its iPSC-derived iNK cell therapy, CNTY-101, and incorporates three preclinical-stage programs from Clade's platform, enhancing its position in allogeneic, iPSC-derived cell therapy.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:06 am

ELYM

Eliem Therapeutics has announced an agreement to acquire Tenet Medicines, focusing on developing TNT119 for autoimmune diseases. To support the acquisition, Eliem will conduct a $120 million private placement of common stock, selling 31.23 million shares at $3.84 each to fund the deal.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:03 am

STE

STERIS has agreed to sell its Dental segment to Peak Rock Capital for $787.5 million, with a potential additional earnout of $12.5 million based on fiscal 2025 revenue targets. The Dental segment's recent performance included $407 million in revenue and $86 million in operating income. The sale is expected to close in Q1 of fiscal year 2025, and STERIS plans to use the proceeds to repay debt, anticipating a $0.35 per diluted share benefit from reduced interest expenses.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 10:59 am

GLT

Glatfelter announces leadership appointments for NewCo following the proposed merger. Kevin M. Fogarty will be Non-Executive Chair, James M. Till as EVP, CFO & Treasurer, and Tarun Manroa as EVP, COO, effective upon merger completion.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 10:55 am

CLIA

CPYYY

SEMI

STM

STMicroelectronics N.V. (NYSE:STM) has signed a ten-year Power Purchase Agreement (PPA) with Centrica plc (OTC:CPYYY) to supply renewable energy to its Italian operations from January 2025. The deal involves approximately 61 GWh of renewable energy annually from a new solar farm in Italy, supporting STM's goal to become carbon neutral by 2027. This agreement follows a previous 15-year PPA with ERG for renewable energy supply. STM's Q1 2024 results will be announced on April 25, 2024. Investors can also engage with STM through ETFs like Veridien Climate Action ETF (NYSE:CLIA) and Columbia Seligman Semiconductor And Technology ETF (NYSE:SEMI). STM's stock saw a slight increase of 0.09% in premarket trading.

Portfolio Pulse from Lekha Gupta

April 11, 2024 | 10:41 am

ACOR

ALPN

APVO

RENT

RLYB

Rallybio Corporation shares surged 77.9% in pre-market trading following a collaboration announcement with Johnson & Johnson on therapeutics for pregnant individuals at risk of FNAIT. Other stocks also showed significant movement in pre-market trading, with notable gainers including Rent the Runway, Alpine Immune Sciences, and TuanChe Limited, among others. Conversely, Aptevo Therapeutics and Acorda Therapeutics led the pre-market losers, with significant drops due to a pipeline update and bankruptcy proceedings, respectively.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 10:14 am

GOOG

GOOGL

MBGAF

MBGYY

MSFT

At the Google Cloud Next conference, Alphabet (GOOG/GOOGL) announced its focus on generative AI to revolutionize business operations, directly competing with Microsoft (MSFT) and OpenAI. Google introduced AI-powered tools for B2B enterprises, including Google Vids for video creation, Imagen 2 for video clips from text, and Code Assist for coding assistance. Additionally, Google Cloud is expanding its partnership with Mercedes-Benz (MBGAF/MBGYY) to enhance customer experiences with AI technologies. This marks a significant step in Google's AI strategy, positioning it as a key player in the AI race against Microsoft.

Portfolio Pulse from Upwallstreet

April 11, 2024 | 10:13 am

CONN

Conn's anticipates a challenging macro-environment for FY25 but expects year-over-year improvements in retail sales and profitability, attributed to the Badcock transaction and ongoing strategic initiatives.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 10:04 am

Reuters reported that Blackstone (BX) and CVC are among the potential bidders for Superstruct Entertainment, a European festivals organizer. This move indicates Blackstone's interest in expanding its portfolio into the entertainment and live events sector.

Portfolio Pulse from Charles Gross

April 11, 2024 | 9:59 am