Sunday, 3 Mar 2024

Aeterna Zentaris Enters Into Merger Agreement With Ceapro

Ocular Therapeutix Prices Public Offering At $3.25/share

Biopharmaceutical company, Ocular Therapeutix, Inc. (OCUL), Thursday announced the pricing of an underwritten public offering of 30.8 million shares at $3.25 per share, to raise $100.1 million.

In the pre-market activity, the shares of Ocular are tumbling 16.24 percent to $3.3 on the Nasdaq.

The company said that net proceeds from the offering, along with existing cash from the business, will be used to fund Phase 3 clinical development of AXPAXLI for the treatment of wet AMD, its ongoing SOL pivotal Phase 3 clinical trial, planned second Phase 3 clinical trial, as well as for other corporate purposes.

The public offering is expected to close on or about December 18.

Further, the company has offered a 30-day option to underwriters to purchase an additional 4.62 million shares.

Jefferies, BofA Securities, and Piper Sandler & Co. acted as joint book-runners for this offering.

Jabil Inc. Q1 Profit Decreases, but beats estimates

Jabil Inc. (JBL) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company’s earnings totaled $194 million, or $1.47 per share. This compares with $223 million, or $1.61 per share, in last year’s first quarter.

Excluding items, Jabil Inc. reported adjusted earnings of $343 million or $2.60 per share for the period.

Analysts on average had expected the company to earn $2.58 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 13.0% to $8.39 billion from $9.64 billion last year.

Jabil Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $194 Mln. vs. $223 Mln. last year.
-EPS (Q1): $1.47 vs. $1.61 last year.
-Analyst Estimates: $2.58
-Revenue (Q1): $8.39 Bln vs. $9.64 Bln last year.

-Guidance:
Next quarter EPS guidance: $1.73 – $2.13
Next quarter revenue guidance: $7.0 – $7.6 Bln
Full year EPS guidance: $9.00
Full year revenue guidance: $31 Bln

Pfizer Closes $43 Bln All-cash Acquisition Of Seagen

Pfizer Inc. (PFE) announced Thursday the successful completion of its acquisition of biotechnology company Seagen Inc. (SGEN). Pfizer completed its acquisition of all outstanding common stock of Seagen for $229 in cash per share, for a total enterprise value of approximately $43 billion.

With the addition of Seagen’s four in-line medicines, ADCETRIS (brentuximab vedotin), PADCEV (enfortumab vedotin), TIVDAK (tisotumab vedotin) and TUKYSA (tucatinib), Pfizer’s industry-leading Oncology portfolio now includes over 25 approved medicines and biosimilars across more than 40 indications, including nine medicines that are either blockbuster or have the potential to be blockbuster.

With the addition of Seagen, Pfizer’s Oncology pipeline has doubled in size with 60 programs spanning multiple modalities, including ADCs, small molecules, bispecifics and other immunotherapies.

Moving forward, Pfizer will leverage its leading protein engineering and medicinal chemistry capabilities to advance Seagen’s ADC technology, unlocking potential novel combinations and next-generation biologics.

As previously disclosed, to address U.S. Federal Trade Commission concerns, Pfizer has chosen to irrevocably donate the rights of royalties from sales of Bavencio (avelumab) in the U.S. to the American Association for Cancer Research (AACR).

Barnwell Industries To Sell Water Resources International To Local Construction Company

Barnwell Industries, Inc. (BRN) announced Thursday the entry into an agreement for the sale of Water Resources International, Inc. to a local construction company is for gross proceeds of $2,000,000, subject to customary post-closing price adjustments and the purchaser’s completion of due diligence.

Water Resources provides deep drilling and well pumping services needed in the exploration and development of groundwater resources for government, commercial and private clients in Hawaii.

The proceeds from the sale, which is expected to close in early 2024, will be used for general corporate purposes, with a focus towards reinvestment in the Company’s oil and gas operations.

The transaction supports Barnwell’s focus on simplifying its holding company operations and corporate structure.

The sale of Water Resources streamlines Barnwell as investors will be able to focus on the significant opportunities the Company has identified in its profitable domestic and Canadian oil and natural gas business.

Transat A.T. Q4 Earnings – Update

(Adds Outlook)

Below are the earnings highlights for Transat A.T. Inc. (TRZ_B.TO):

Earnings: C$3.195 million in Q4 vs. -C$126.231 million in the same period last year.
EPS: C$0.08 in Q4 vs. -C$3.32 in the same period last year.
Excluding items, Transat A.T. Inc. reported adjusted earnings of C$15.676 million or C$0.41 per share for the period.

Analysts projected -C$0.39 per share
Revenue: C$764.467 million in Q4 vs. C$573.139 million in the same period last year.

Outlook:

Looking ahead, for the full year, the company intends to raise its available capacity by around 19 percent through recent and planned aircraft additions, as well as further improvements in fleet utilization. For full year, considering the current operating environment, Transat expects to post adjusted EBITDA margin of 7.5 percent to 9 percent, which would exceed the company’s historical levels. Wednesday, Transat had closed up by 0.539 percent at C$3.73 per share in Toronto.

Aeterna Zentaris Enters Into Merger Agreement With Ceapro

On Thursday, Aeterna Zentaris Inc. (AEZS) and Ceapro Inc. agreed to merge their operations in an all-stock merger of equals transaction which will be carried out through a plan of arrangement under the Canada Business Corporations Act.

As part of the deal, each outstanding common share of Ceapro will be exchanged for 0.09439 of an Aeterna common share, resulting in Ceapro becoming a wholly-owned subsidiary of Aeterna.

The merged company will be listed on the Nasdaq Capital Market and the Toronto Stock Exchange and will be given a new name in the coming weeks.

Existing security holders of Aeterna and Ceapro will each own 50% of the combined company, respectively, and will share in the future value creation of the merged entity.

The combined company will benefit from ongoing revenue from existing Ceapro products and will have a strong presence in the active ingredients market, as well as in cosmeceutical products and nutraceuticals.

The merger is expected to be completed in the first quarter of 2024.

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