Streetbeat News

Acquisitions Mergers

GILD

MRUS

Gilead Sciences, Inc. and Merus N.V. have entered into a collaboration to discover novel antibody-based trispecific T-cell engagers. Merus will receive an upfront cash payment of $56 million for initial targets and an equity investment by Gilead of $25 million in Merus common shares. Additionally, Merus is eligible to receive up to $1.5 billion.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 1:05 pm

TTE

TotalEnergies (NYSE:TTE) and QatarEnergy have agreed to acquire interests in Block 3B/4B offshore South Africa from Africa Oil South Africa. TotalEnergies will hold a 33% stake and become the operator, while QatarEnergy will have a 24% interest. The deal is pending final approvals. This move is part of TotalEnergies' strategy to expand its exploration efforts in the Orange Basin, following the Venus discovery in Namibia. Additionally, TotalEnergies has partnered with Bapco Energies to enhance the Sitra refinery's petroleum trading capabilities. TTE shares rose 1.05% in premarket trading.

Portfolio Pulse from Lekha Gupta

March 06, 2024 | 1:03 pm

OTIS

Otis Worldwide Corporation (NYSE: OTIS) has been awarded a project by Emaar Properties to modernize 34 elevators and all eight escalators in the Burj Khalifa, the world's tallest building. The contract also includes a 10-year service extension for maintaining these units. Otis, having installed the original elevators and escalators in 2010, will leverage its global experience from projects like the Empire State Building to ensure minimal disruption and enhanced efficiency. The modernization will feature an upgraded Elevator Management System for improved operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 1:03 pm

APM

Aptorum Group Ltd has announced a merger agreement with YOOV Group Holding Ltd, alongside a split-off agreement to separate its legacy business. Post-merger, existing Aptorum and YOOV shareholders will own approximately 10% and 90% of the merged entity, respectively.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 1:01 pm

PHGE

BiomX has entered into a merger agreement with Adaptive Phage Therapeutics (APT) in a stock-for-stock transaction, accompanied by a $50 million private placement financing. Post-merger, BiomX's former stockholders will own about 55% of the new entity, while APT's former stockholders will own approximately 45%.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 12:32 pm

VMEO

Bending Spoons SpA, a European mobile app developer, is in talks with banks for financing to potentially acquire Vimeo, Inc. (NASDAQ:VMEO). Vimeo, known for its video hosting services, recently launched Vimeo Central, an AI-powered video hub. The company, which was spun off from IAC/InterActive Corp. in 2021, has seen a significant drop in market value. The acquisition discussions are still in preliminary stages, and there's no certainty they will lead to a deal. Vimeo's shares dropped 1.06% to $4.65 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

March 06, 2024 | 12:26 pm

ARKK

TSLA

Tesla, Inc. (NASDAQ:TSLA) sees premarket stock rise after a two-day slide, potentially halting its recent decline. The drop was due to concerns over a possible Q1 deliveries shortfall. Bargain hunters and an overall positive sentiment towards tech stocks are contributing to the premarket activity. Ark Invest, led by Cathie Wood, purchased 79,956 Tesla shares, showing confidence in the stock. The stock's immediate support is around $180, with resistance at $202. Tesla's stock performance is closely watched ahead of its Q1 delivery report and influenced by various factors including China CPCA sales data and sell-side commentary.

Portfolio Pulse from Shanthi Rexaline

March 06, 2024 | 12:04 pm

BRO

Brown & Brown, Inc. has announced the acquisition of the assets of Hillco Insurance, expanding its portfolio and market presence. This strategic move is expected to enhance Brown & Brown's service offerings and client base.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 11:52 am

CTRE

CareTrust REIT has expanded its portfolio by acquiring a three-property skilled nursing portfolio located in Texas and Missouri. This strategic move is aimed at enhancing CareTrust's presence in these regions and diversifying its portfolio in the skilled nursing sector.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 11:06 am

DIS

GOOG

GOOGL

James Donaldson, known as MrBeast, debunked rumors of selling his YouTube channel to The Walt Disney Co. (NYSE:DIS) for $5 billion, which originated from a joke on The Iced Coffee Hour podcast. Despite the speculation, MrBeast confirmed Disney does not own any part of his channel. He also addressed other conspiracy theories and mentioned finalizing a $100 million deal for a TV show with Amazon Prime. Additionally, MrBeast's experiment showed YouTube, owned by Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL), is more profitable for content creators than Elon Musk's X platform.

Portfolio Pulse from Rounak Jain

March 06, 2024 | 10:38 am