Streetbeat News

Acquisitions Mergers

IFF

International Flavors & Fragrances Inc (NYSE:IFF) is selling its Pharma Solutions unit to Roquette for up to $2.85 billion, aiming to reduce debt leverage and focus on core growth areas. The deal, expected to close in the first half of 2025, values the unit at an EBITDA multiple of approximately 13x. IFF's Pharma Solutions, with $1 billion revenue in 2023 and 1,100 employees, supports pharmaceutical and food applications. IFF's move is part of a broader strategy to optimize its portfolio and reduce debt.

Portfolio Pulse from Shivani Kumaresan

March 19, 2024 | 11:38 am

AZN

FUSN

Fusion Pharmaceuticals' stock is trading higher following the announcement of its acquisition by AstraZeneca. Concurrently, Leerink Partners downgraded Fusion Pharmaceuticals from Outperform to Market Perform, while increasing the price target from $17 to $21.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 11:34 am

CNM

Core & Main (CNM) projects its fiscal 2024 net sales to be between $7.4B and $7.6B, surpassing the consensus of $7.15B. The company also forecasts its adjusted EBITDA to be in the range of $925M to $975M. These expectations are based on improved end market volumes, contributions from mergers and acquisitions, and initiatives in product, customer, and geographic expansion. Core & Main anticipates a stable price contribution and a slight gross margin improvement.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 11:34 am

CWI

INTC

SOXX

TSM

Taiwan Semiconductor Manufacturing Co (TSM) and Intel Corp (INTC) face construction delays in Arizona due to high costs and labor shortages, impacting their efforts to strengthen the U.S. semiconductor supply chain. Suppliers like LCY Chemical and Solvay have paused or downscaled their plans, citing increased expenses and operational challenges. This situation reflects broader issues in expanding the U.S. chip supply, with costs significantly higher than in Asia. TSMC and Samsung are also adjusting their global expansion strategies due to these challenges. TSMC's stock has risen 52% due to the AI boom, with exposure available through ETFs like SOXX and CWI.

Portfolio Pulse from Anusuya Lahiri

March 19, 2024 | 11:32 am

AZN

BMY

FUSN

LLY

AstraZeneca Plc (NASDAQ:AZN) has agreed to acquire Fusion Pharmaceuticals Inc (NASDAQ:FUSN) for $21.00 per share in cash, plus a contingent value right of $3.00 per share, totaling a potential $2.4 billion transaction. This acquisition signifies AstraZeneca's shift towards more targeted cancer treatments, specifically through radioconjugates (RCs), enhancing its oncology portfolio. The deal includes Fusion's cash assets and complements AstraZeneca's ambition to transform cancer treatment. Additionally, recent acquisitions by Bristol Myers Squibb & Co (NYSE:BMY) and Eli Lilly And Co (NYSE:LLY) highlight the industry's focus on targeted therapies.

Portfolio Pulse from Vandana Singh

March 19, 2024 | 11:26 am

EGIEY

MTSUY

TALO

TTE

TotalEnergies SE (TTE) has acquired Talos Energy Inc.'s (TALO) Low Carbon Solutions for $148 million, including its carbon capture and sequestration business. The deal gives TotalEnergies a stake in three U.S. Gulf Coast projects. Additionally, TotalEnergies joins an international coalition, the e-NG Coalition, with companies like ENGIE Brasil Energia SA (EGIEY) and Mitsubishi Corp. (MTSUY) to support e-natural gas development.

Portfolio Pulse from Lekha Gupta

March 19, 2024 | 11:16 am

Unilever announced its plan to separate its Ice Cream business, leading to a rise in its share prices. This strategic move could potentially unlock value and allow more focused business operations.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 11:08 am

AAPL

Gene Munster of Deepwater Asset Management notes Apple's shift towards AI, including potential licensing from Google and OpenAI, could boost revenue by 6% but may lead to near-term financial headwinds. The focus on AI follows the cancellation of Project Titan, freeing up $4-5 billion annually for AI development. Munster suggests Apple may introduce an AI subscription model, charging users around $10 per month, which could significantly contribute to revenue despite potential short-term margin sacrifices.

Portfolio Pulse from Shanthi Rexaline

March 19, 2024 | 11:00 am

IFF

IFF has agreed to sell its Pharma Solutions business to Roquette for up to $2.85 billion, with an enterprise value to EBITDA multiple of approximately 13x. The sale includes the Global Specialty Solutions business and is aimed at aligning customers, businesses, and manufacturing footprint.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 10:48 am

MMM

SOLV

Solventum, set to spin off from 3M on April 1, 2024, and list on the NYSE as 'SOLV', introduced its 2024 guidance with organic revenue growth between -2% to 0%, adjusted EPS of $6.10 to $6.40, and free cash flow of $700M to $800M.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 10:36 am