Wednesday, 27 Sep 2023

JetBlue, Allegiant Ink Divestiture Deal In Connection With JetBlue's Combination With Spirit

Neumora Therapeutics Announces IPO Of 14.71 Mln Shares To Be Priced Between $16.00 And $18.00/Share

Biopharmaceutical company Neumora Therapeutics, Inc. revealed Monday that it will offer 14.71 million shares of its common stock in an initial public offering and expects the IPO price to be between $16.00 and $18.00 per share, according to an amended Form S-1 filing with the U.S. Securities and Exchange Commission.

The Watertown, Massachusetts-based company has applied to list its common stock on The Nasdaq Global Market (Nasdaq) under the symbol “NMRA.”

The company has granted the underwriters an option for a period of 30 days to purchase up to an additional 2.21 million shares of its common stock.

The company estimates that its net proceeds from this offering will be approximately $227.5 million (or approximately $262.3 million if the underwriters exercise in full their option to purchase additional shares of common stock), based on an assumed IPO price of $17.00 per share.

The company intends to use the net proceeds, together with existing cash, cash equivalents and marketable securities, to fund the clinical and preclinical development of current programs, to fund research and development activities for additional programs, and the remainder for working capital and other general corporate purposes.

The remainder of the net proceeds may also be used to in-license, acquire, or invest in, complementary technologies, assets, or intellectual property.

InflaRx Reports Positive Topline Results From SAD Phase I Study With C5aR Inhibitor INF904

Biotechnology company InflaRx N.V. (IFRX) announced Monday topline results from the single ascending dose (SAD) part of its randomized, double-blind, placebo-controlled Phase I trial of the orally administered, low molecular weight C5aR inhibitor INF904.

In the SAD part of the study, INF904 demonstrated an excellent safety and tolerability profile as well as a very favorable pharmacokinetic (PK) and pharmacodynamic (PD) profile, confirming INF904´s best-in-class potential.

The SAD part of the Phase I first-in-human trial enrolled 62 healthy volunteers within six different dosing groups from 3 mg to 240 mg who were randomly assigned to receive INF904 or a placebo.

Different drug concentrations were tested for the 60 mg dosing group. The main objectives were to assess safety and tolerability of single ascending doses under fasting conditions. Secondary endpoints included several PK parameters, and the effect of INF904 on C5a-induced neutrophil activation in blood samples from treated volunteers ex vivo also was explored.

Kellogg Board Approves Separation Into Two Independent, Publicly Traded Companies

Kellogg Co. (K) announced Monday that its Board of Directors formally approved the previously announced separation into two independent, publicly traded companies, Kellanova and WK Kellogg Co.

Upon completion of the separation on October 2, 2023, Kellogg will be renamed Kellanova, and will continue to trade on the New York Stock Exchange (NYSE) under the ticker symbol “K”, while WK Kellogg Co is expected to begin trading on the NYSE under the ticker symbol “KLG”.

At 12:01am EDT on October 2, 2023, Kellogg shareowners of record as of September 21, 2023, will receive 1 share of WK Kellogg Co (KLG) for every 4 shares of Kellogg Company (K) owned.

Kellanova will feature a growth-oriented portfolio that is weighted toward snacks and emerging markets, while WK Kellogg Co. will carry iconic brands and have a leading share position in North American cereal.

Kellanova is projected to generate net sales of approximately $13.4 billion to $13.6 billion and expects to deliver long-term annual growth rates of 3 to 5 percent for net sales on organic basis. Meanwhile, WK Kellogg Co projects net sales of approximately $2.7 billion.

Avantax Climbs 28% After Agrees To Be Acquired By Cetera Holdings In $1.2 Bln

Avantax, Inc. (AVTA) shares are gaining more than 28 percent on Monday morning trade after the company signed a definitive agreement to be acquired by Cetera Holdings in an all-cash transaction worth around $1.2 billion. As per the deal, the holders of shares of Avantax will receive $26.00 in cash per share. The purchase price represents a premium of approximately 30 percent to the closing price of shares of Avantax common stock on September 8.

Upon consummation of the transactions, Avantax will operate as a standalone entity within Cetera Holdings.

Currently, shares are at $25.55, up 28.07 percent from the previous close of $19.95 on a volume of 3,172,143.

Granite Ridge Shares Slip On Launching Of Secondary Public Offering

Shares of Granite Ridge Resources, Inc. (GRNT) are down 13% on Monday after the company announced the launch of an underwritten registered secondary offering of 7.1 million shares of its common stock, by shareholder Grey Rock Energy Management, with an underwriter’s option to purchase up to an additional 1.065M shares.

GRNT is trading on the New York Stock Exchange at $6.47, down 13.73% or $1.03 per share. It has traded between $4.8 and $14.00 in the past 52-week period.

The company stated that it would not be selling any common stock in the offering and would not receive any proceeds from the sale of its common stock by the Selling Shareholders in the offering.

Madrigal Pharma Slides 9%

Shares of Madrigal Pharmaceuticals, Inc. (MDGL) are declining more than 9 percent on Monday morning trade, continuing a decline since the last couple of days. There have been no corporate announcements today to influence the stock movement.

Currently, shares are at $178.94, down 9.04 percent from the previous close of $196.58 on a volume of 214,115.

JetBlue, Allegiant Ink Divestiture Deal In Connection With JetBlue's Combination With Spirit

JetBlue Airways Corp. (JBLU) and Allegiant (ALGT) announced Monday that the airlines have entered into a definitive agreement under which JetBlue will transfer to Allegiant all of the holdings of Spirit Airlines, Inc. (SAVE) at Boston Logan International Airport and Newark Liberty International Airport.

These holdings principally consist of two gates in Boston, two gates in Newark, and 43 takeoff and landing authorizations in Newark.

JetBlue will also turn over up to five gates and related ground facilities at Fort Lauderdale-Hollywood International Airport to the Broward County Aviation Department. It will also work closely with the Department to facilitate Allegiant’s ULCC growth at FLL using these gates.

On June 1, JetBlue announced that it will divest all of Spirit’s holdings at New York’s LaGuardia Airport to Frontier.

Together, these divestitures are part of JetBlue’s voluntary upfront commitments included in the merger agreement with Spirit and are conditioned on the closing of the JetBlue-Spirit transaction.

The divestitures are subject to approval by the local airport authorities as well as FAA/DOT, and are conditioned upon and will occur after the closing of JetBlue’s planned combination with Spirit. JetBlue expects to close the transaction with Spirit in the first half of 2024.

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