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Acquisitions Mergers

GILD

XLO

Gilead Sciences, Inc. (GILD) and Xilio Therapeutics (XLO) have entered into an exclusive license agreement for XTX301, a Phase 1 tumor-activated IL-12 program. Gilead will pay Xilio $43.5 million upfront, including $30 million in cash and a $13.5 million equity investment at a premium. Additionally, Xilio could receive up to $604 million in contingent payments based on development, regulatory, and sales milestones. The deal is expected to reduce Gilead's 2024 EPS by $0.03 to $0.04.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 11:04 am

ATLX

Atlas Lithium Corporation (NASDAQ:ATLX) has entered into investment and offtake agreements with Mitsui & Co, Ltd, involving a $30 million investment in Atlas Lithium's common shares at a premium and an agreement for Mitsui to purchase up to 75,000 tons of lithium concentrate from Atlas Lithium's Neves Project in Brazil. This partnership is seen as a significant validation of Atlas Lithium's project and is expected to accelerate the company's development towards revenue generation from its environmentally sustainable lithium concentrate production.

Portfolio Pulse from Anusuya Lahiri

March 28, 2024 | 10:50 am

SLB

Schlumberger N.V. (NYSE:SLB) has announced a deal to merge its carbon capture division with Aker Carbon Capture (ACC), acquiring an 80% stake in the combined business for NOK 4.12 billion ($380.86 million). The deal, expected to close by Q2 2024, aims to advance large-scale industrial decarbonization. Schlumberger may also make additional payments based on performance. The company plans to increase share repurchases in 2024 and expects significant growth, particularly in the Middle East.

Portfolio Pulse from Nabaparna Bhattacharya

March 28, 2024 | 10:50 am

ATLX

Atlas Lithium has secured a $30M strategic investment and offtake agreement from Mitsui, enhancing its financial position and future lithium supply capabilities.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 10:50 am

AMD

BX

MCHI

NVDA

QCOM

Chinese President Xi Jinping met with U.S. CEOs, including Blackstone's Stephen Schwarzman and Qualcomm's Cristiano Amon, to discuss China's economy, U.S.-China relations, and Taiwan. Xi provided 'tough answers' and emphasized China's economic potential, criticized U.S. semiconductor export bans, and expressed displeasure with U.S. support for Taiwan's independence. The meeting aimed to entice U.S. businesses back to China amid geopolitical challenges. The iShares MSCI China ETF (MCHI) saw a slight increase.

Portfolio Pulse from Shanthi Rexaline

March 28, 2024 | 10:47 am

CBNK

Capital Bancorp has signed a definitive merger agreement to acquire Integrated Financial Holdings in a deal valued at $66M, involving both cash and stock.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 10:46 am

HD

The Home Depot announced an agreement to acquire SRS Distribution for a total enterprise value of approximately $18.25 billion, including net debt. This strategic acquisition is expected to significantly expand The Home Depot's footprint in the building materials and supplies sector.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 10:27 am

DOLE

Dole has terminated its agreement with Fresh Express, under which Fresh Express would have acquired Dole's Fresh Vegetables Division. This decision halts the previously planned acquisition, impacting the strategic direction and asset portfolio of both companies.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 10:20 am

DJT

Peter Schiff predicts that if MAGA investors push Trump Media & Technology Group (NASDAQ:DJT) stock to $2,000 per share, Donald Trump could become the world's 7th richest person. DJT's stock surged 16% on its debut day, closing at $66.22. Schiff suggests DJT could further boost its value by adding Bitcoin to its balance sheet and rebranding as Trump AI and Crypto Technology Group.

Portfolio Pulse from Benzinga Neuro

March 28, 2024 | 9:09 am

RDDT

Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, expressed skepticism about Reddit Inc.'s (NYSE:RDDT) advertising model on X, questioning its profitability. He highlighted Reddit insiders selling stock post-IPO and referenced a deal between Reddit and Google for AI model training. Despite not posting an annual profit since 2005, Reddit's shares surged 48% following its IPO, which aimed to include both retail and institutional investors.

Portfolio Pulse from Ananya Gairola

March 28, 2024 | 8:07 am