Streetbeat News

Acquisitions Mergers

ELAN

IDXX

Elanco Animal Health Inc (NYSE:ELAN) has settled with activist investor Ancora, avoiding a proxy fight by expanding its board to 14 members, including Ancora's nominees Craig Wallace and Kathy Turner. Ancora, holding about 3% of Elanco's stock, has been pushing for changes including board restructuring and CEO succession planning. The settlement is seen as a positive step in Elanco's corporate governance, with shares rising since the year's start. Wallace and Turner's addition is expected to strengthen Elanco's market position.

Portfolio Pulse from Vandana Singh

April 01, 2024 | 12:45 pm

LWLG

Lightwave Logic, Inc. (NASDAQ:LWLG) announced the issuance of a new patent for a diamondoid non-linear optical chromophore, enhancing the stability and performance of its proprietary electro-optic polymers. This advancement is expected to improve data transmission in datacenter applications, particularly to meet the growing demand from generative AI. The technology enables high-speed, low-power EO polymer modulators to operate at 200Gbps with 1V drive voltage levels, and is suitable for high-volume manufacturing in silicon foundries.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:40 pm

SGML

Sigma Lithium announces a final investment decision to double its production capacity to 520,000 tonnes/year with a $100M investment in Phase 2 of its Industrial Greentech Plant. The expansion aims to power 1.8 million EVs and is expected to be completed in 10 months, with construction starting in 4Q24. The company plans to finance the expansion with existing cash and future cash flow from lithium concentrate shipments. Sigma Lithium ended its first production year with positive cash adjusted EBITDA and operating profit, despite a decline in lithium prices.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:39 pm

IESC

IES Holdings, Inc. (IESC) has acquired Greiner Industries, a structural steel fabrication and services company with 2023 revenue of approximately $58 million. The acquisition includes Greiner's facilities, spanning 450,000 square feet on a 60-acre campus. Greiner will join IES's Infrastructure Solutions segment but will continue operating under its own name. The acquisition aims to expand IES's geographic footprint, product offerings, and capacity in the Mid-Atlantic market, including the Virginia data center market. Greiner's experienced workforce and leadership, including Vice President of Operations Rick Sine, will join IES.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:37 pm

ARE

Alexandria Real Estate Equities, Inc. (NYSE:ARE) announced an early 6-year lease renewal with insitro at the Alexandria Center for Advanced Technologies in South San Francisco. This renewal, extending through August 31, 2034, for 143,188 RSF, underscores insitro's commitment to its headquarters and R&D site. The deal highlights the growing demand for AI-enhanced laboratory space for drug discovery and development. Alexandria's strategic presence in South San Francisco since 1998 has positioned it as a key enabler for life science companies, with nearly 3.4 million RSF in operation.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:36 pm

INCY

Incyte (NASDAQ:INCY) and China Medical System Holdings Limited (CMS) have entered into a collaboration and license agreement for the development and commercialization of povorcitinib, an oral JAK1 inhibitor, in Mainland China, Hong Kong, Macau, Taiwan, and Southeast Asia. Povorcitinib is being evaluated for various autoimmune and inflammatory dermatologic diseases. Under the agreement, CMS will make an upfront payment to Incyte, with Incyte eligible for additional milestones and royalties on net sales in CMS' territory.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:35 pm

CG

TEVA

Teva Pharmaceutical Industries Ltd. (TEVA) and Launch Therapeutics have entered a clinical collaboration to accelerate the development of Teva's Dual-Action Asthma Rescue Inhaler (TEV-‘248). Additionally, Teva and Abingworth, part of Carlyle (CG), announced a strategic development funding agreement providing Teva up to $150 million to support the TEV-‘248 program. This collaboration aims to expedite the clinical research program, with Launch Therapeutics leading the operational execution of clinical trials. Teva retains responsibility for manufacturing, U.S. regulatory interactions, and commercialization. The funding from Abingworth will be recognized by Teva as a reduction in R&D expenses, and Abingworth is eligible for payments based on sales if TEV-‘248 receives FDA approval.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:33 pm

NVX

NOVONIX Limited (NASDAQ:NVX) has been selected to receive a $103 million tax credit under the Qualifying Advanced Energy Project Allocation Program, supported by the U.S. Department of Energy. This tax credit aims to bolster the production of critical battery materials at NOVONIX's Riverside facility in Chattanooga, Tennessee. The credit is part of efforts to promote clean energy manufacturing, job creation, and U.S. domestic production of vital clean-energy products. NOVONIX's selection highlights its ongoing support from the U.S. government and marks a significant milestone in its financing strategy and commitment to innovation and sustainability in North America.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:30 pm

BLDP

Ballard Power Systems (NASDAQ:BLDP) (TSX:BLDP) announced a Long Term Supply Agreement with Solaris Bus & Coach for 1,000 hydrogen fuel cell engines through 2027, marking the company's largest order. The engines will power Solaris buses across Europe, supporting the transition to zero-emission public transport. The order includes after-market and extended warranty services, with deliveries starting in 2024. This agreement strengthens Ballard's position in the European transit bus market and supports the decarbonization of urban fleets.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:16 pm

SGRP

SPAR Group has announced the sale of its interests in South Africa and Brazil, resulting in combined cash proceeds of approximately $22 million. This strategic move is aimed at optimizing the company's portfolio and enhancing shareholder value.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:12 pm