Yahoo Finance Trending tickers: Aeglea | GSK | Ocado | Virgin Galactic
Aeglea Biotherapeutics (AGLE)
A sort of reverse takeover was behind a more than 300% bump in Aeglea BioTherapeutics' stock price on Thursday, as the company said it was acquiring another biotech company.
Aeglea merged with Spyre Therapeutics, a company focused on developing antibody therapeutics for inflammatory bowel disease.
Funds from a private placement of Series A non-voting convertible preferred stock, totalling $210m (£165m), will be used to advance Spyre's portfolio of IBD products.
The financing and acquisition gives Aeglea immediate access to public capital markets — a move which aims to accelerate research and development efforts.
The acquisition structure mimics the SPAC craze, which was a popular means of fundraising during the pandemic.
GSK (GSK.L)
GSK's London-listed stock had surged almost 6% by midday on Friday, while its US-listed stock rose premarket, as the pharmaceutical company agreed to settle a lawsuit over its heartburn treatment. The suit alleged that the treatment, Zantac, causes cancer.
The company said it had reached a confidential deal with California-based James Goetz, who said he developed bladder cancer as a result of taking the drug.
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The jury trial was due to start at the end of July.
GSK did not admit any liability in the settlement, and said the move reflected the company's desire to avoid distraction related to protracted litigation. It added that it would vigorously defend itself in any other Zantac allegations.
Ocado (OCDO.L)
Ocado shares retreated in London on Friday, following a 40% bump on Thursday, as markets digested rumours that Amazon (AMZN) is looking at acquiring the food delivery company.
Shares of the company soared during the pandemic, as online shopping reigned supreme in the stock market.
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Since all-time-highs in 2020, the shares have been trading an 80% discount — a fact analysts say makes the company an attractive acquisition target.
If the acquisition is being explored in a meaningful way, Amazon and Ocado will have to declare this to shareholders.
Virgin Galactic (SPCE)
Thursday saw Richard Branson's Virgin Galactic stock drop 6.8%, as the market readjusted following news that the company is opening a new flight window for three days at the end of June.
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This flight will include three members of the Italian Air Force and the National Research Council of Italy, who are conducting microgravity research.
It's the first commercial flight for the space airline after years of delays in operations. Flights of this nature could bring in $2m to $3m per flight.
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