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Acquisitions Mergers

PFE

Pfizer Inc (NYSE:PFE) announced positive results from a Phase 3 study of Adcetris combined with lenalidomide and rituximab for treating diffuse large B-cell lymphoma (DLBCL), showing significant improvement in overall survival compared to a placebo combination. This marks the third Phase 3 study where an Adcetris combination has shown an overall survival benefit in lymphoma treatment. The results are notable for evaluating heavily pre-treated patients. Pfizer acquired Adcetris through its $43 billion acquisition of Seagen Inc. PFE shares saw a slight decrease of 0.09% in premarket trading.

Portfolio Pulse from Vandana Singh

March 12, 2024 | 12:55 pm

AAWH

Ascend Wellness (OTCQX:AAWH) reported a Q4 revenue of $140.2 million, a 0.8% decrease QoQ but a 25% increase YoY, with a net loss of $19.3 million. The company's full-year revenue reached $519 million, up 28% from the previous year, driven by retail and wholesale business expansion. Adjusted EBITDA for Q4 was $32.4 million, up 9.6% QoQ and 14.8% YoY. The company generated $16.7 million in cash from operations and $8.4 million in free cash flow for the quarter. For the full year, Ascend Wellness generated $54.5 million in cash from operations and $30.3 million in free cash flow. Shares closed 10.92% lower at $1.06 per share.

Portfolio Pulse from Nina Zdinjak

March 12, 2024 | 12:51 pm

LICY

Li-Cycle's stock price increased following the announcement of a $75 million senior secured convertible note agreement with a Glencore affiliate. This financial move could bolster Li-Cycle's balance sheet and fund future expansions.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 12:43 pm

HSON

Hudson RPO has completed the acquisition of Executive Solutions, although the financial terms of the deal were not disclosed. This strategic move is aimed at expanding Hudson RPO's service offerings and market reach.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 12:31 pm

LICY

Li-Cycle Holdings Corp. (NYSE:LICY) has entered into an agreement to issue a $75M senior secured convertible note to an affiliate of Glencore plc (LON: GLEN), enhancing their strategic partnership. This investment aims to improve Li-Cycle's liquidity and supports its future plans, including the development of the Rochester Hub. The agreement amends an existing note, extending its maturity and adjusting terms. Li-Cycle continues to review its global recycling network and strategy for the Rochester Hub, with a focus on critical battery materials production.

Portfolio Pulse from Happy Mohamed

March 12, 2024 | 12:21 pm

BRDG

Bridge Investment Group Holdings Inc. (BRDG) announced its expanded 'Bridge to Opportunity' program, including a new partnership with Entryway to provide employment and housing for at-risk individuals. The program, leveraging Bridge's 90,000+ residential units, focuses on education, healthy communities, and financial wellness, with philanthropic commitments totaling $75M over 10 years. Initiatives include funding social programming, providing affordable housing, and supporting community services through partnerships and Opportunity Zone developments.

Portfolio Pulse from Happy Mohamed

March 12, 2024 | 12:19 pm

HESM

Hess Midstream LP (HESM) announced a $100M repurchase of Class B units from its sponsors, Hess Corporation and Global Infrastructure Partners. This move, unanimously approved by the Board and its conflicts committee, is part of Hess Midstream's strategy to enhance shareholder returns and maintain a strong balance sheet. The repurchase is expected to reduce total unit count by over 20%, increase distributable cash flow per Class A share, and support distribution growth above 5% annually through 2026. The transaction will be funded through existing credit facilities and is expected to close on March 14, 2024.

Portfolio Pulse from Happy Mohamed

March 12, 2024 | 12:14 pm

RGLS

Regulus Therapeutics Inc (NASDAQ:RGLS) reported positive topline results from its Phase 1b study of RGLS8429 for Autosomal Dominant Polycystic Kidney Disease, showing clear evidence of a dose response and greater biological activity at higher doses. The drug was well tolerated with no safety concerns. Additionally, the company announced an oversubscribed $100 million equity private placement at $1.60 per share, with some investors opting for non-voting Class A-6 convertible preferred stock at $160.00 per share. Following the news, RGLS shares surged 52% to $2.11 in premarket trading.

Portfolio Pulse from Vandana Singh

March 12, 2024 | 12:08 pm

BTCT

BTC Digital Ltd. has completed the acquisition of a mining facility in North Carolina for a total consideration of $3.4 million. This strategic move is expected to enhance BTC Digital Ltd.'s mining capabilities and potentially increase its market presence.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 12:06 pm