Thermo Fisher Scientific To Acquire Olink For $3.1 Bln

Diagnostics & Research company Thermo Fisher Scientific Inc. (TMO) announced on Tuesday that it will be acquiring Olink Holding AB (OLK), a Swedish diagnostic company for $26 per common share or ADS in all-cash transaction.

The total value of the consideration is around $3.1 billion, including a net cash of approximately $143 million.

The deal represents a premium of around 74 percent to the closing price of Olink’s American Depositary Shares that trade on NASDAQ on October 16, the last trading day prior to the announcement of the transaction.

The company expects to fund the acquisition through a combination of cash and debt financing.

According to Thermo Fisher, Olink is on track to deliver over $200 million of revenue in 2024 and is expected to grow mid-teens organically as a part of the company. The transaction is expected to add a value of $0.10 and the company anticipates realizing around $125 million of adjusted operating income from revenue by year five after the transaction close.

The deal is expected to close by mid-2024.

In pre-market activity, Thermo Fisher shares are trading at $481.50, down 1.44% on the New York Stock Exchange and on Monday, Olink shares closed at $14.98 up 0.47% on Nasdaq.

Gold Futures Settle Marginally Up

Gold futures settled slightly higher on Tuesday as investors assessed the latest batch of economic data and the likely monetary policy path of the Federal Reserve.

A subdued dollar supported the yellow metal. The dollar index, which dropped to 106.02, recovered to 106.20, down just marginally from the previous close.

Gold futures for December ended higher by $1.40 at $1,935.70 an ounce.

Silver futures for December ended up $0.259 at $23.024 an ounce, while Copper futures for December settled at $3.5785 per pound, down $0.0035 from the previous close.

On the economic front, data showed U.S. retail sales advanced 0.7% month-on-month in September, following an upwardly revised 0.8% increase in August. On yearly basis, retail sales increased 3.8% in September, the highest in seven months. In August, retail sales increased by an upwardly revised 2.9%.

Industrial production in the US went up 0.3% month-over-month in September, beating expectations of a flat reading. Manufacturing output, which accounts for 78% of total production, rose 0.4%, above forecasts of a 0.1% increase, after a 0.1% fall in the previous month.

Investors continued to track geopolitical news. The Israel-Hamas war continues despite international messages of caution.

Heavy shelling was reported near civilian shelters in Gaza ahead of U.S. President Joe Biden’s visit to Israel on Wednesday to show solidarity.

Meanwhile, after concluding his meeting with the U.S Secretary of State Antony Blinken, the defense minister of Israel Yoav Gallant said that “this will be a long war”.

Choice Sweetens Acquisition Offer For Wyndham To $90/share; Wyndham Up In Pre-market

Choice Hotels International, Inc. (CHH) announced on Tuesday that it has now proposed to acquire Wyndham Hotels & Resorts, Inc. (WH) for $90 per share in a mix of cash and stock. The latest consideration values the deal at around $9.8 billion.

As per the latest proposal terms, the $90 per share would consist of $49.50 in cash and 0.324 shares of Choice common stock for each Wyndham share owned.

The acquisition proposal represents a 26 percent premium to Wyndham’s 30-day volume-weighted average closing price ending on October 16, and a 30 percent premium to Wyndham’s latest closing price.

“Choice’s proposal includes a cash or stock election mechanism, which would provide Wyndham shareholders with the ability to choose either cash, stock, or a combination of cash and stock consideration, subject to a customary proration mechanism,” the hotel said.

Previously, in April, Choice Hotels had proposed to acquire the resort and hotel group for $80.00 per share, comprising 40 percent cash and 60 percent Choice stock representing a 20 percent premium to the closing price of Wyndham common stock on April 27.

It then increased its terms to $85.00 per share, comprising 55 percent cash and 45 percent Choice stock.

In pre-market activity, Choice shares are trading at $117.47, down 5.95% and Wyndham shares are trading at $80.40 up 16.35% on the New York Stock Exchange.

Pinnacle Financial Partners Inc. Q3 Profit Decreases, but beats estimates

Pinnacle Financial Partners Inc. (PNFP) released a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company’s earnings totaled $128.8 million, or $1.69 per share. This compares with $144.9 million, or $1.91 per share, in last year’s third quarter.

Excluding items, Pinnacle Financial Partners Inc. reported adjusted earnings of $1.79 per share for the period.

Analysts on average had expected the company to earn $1.71 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 68.7% to $627.3 million from $371.8 million last year.

Pinnacle Financial Partners Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $128.8 Mln. vs. $144.9 Mln. last year.
-EPS (Q3): $1.69 vs. $1.91 last year.
-Analyst Estimates: $1.71
-Revenue (Q3): $627.3 Mln vs. $371.8 Mln last year.

Lisata Up 9% On Securing EMA Orphan Drug Designation For LSTA1

Shares of Lisata Therapeutics, Inc. (LSTA) are up 9% on Tuesday after the company announced that it has been granted Orphan Medicine designation by the European Medicines Agency (EMA) Committee.

LSTA is trading on the Nasdaq at $2.31, up 9.16% or $0.19 per share. It has traded between $1.95 and $4.58 in the past 52-week period.

This designation is granted to the Company’s lead product candidate LSTA1, which is intended to treat pancreatic cancer in combination with other anticancer regimens and is currently being studied in multiple clinical trials around the world.

LSTA1 is a novel investigational drug intended to activate a new uptake pathway that facilitates the uptake of concomitantly or tethered anticancer drugs to more effectively target solid tumors. Additionally, LSTA1 is likely to alter the tumor environment to make tumors more sensitive to immunotherapy.