Alpine Immune [ALPN] - Last Close: $47.04
Vertex Pharma [VRTX] has entered into a deal to acquire this mid-cap biotech company in a $4.9 billion all-cash deal.
ALPN investors will receive $65 per share under the terms of the agreement, representing a 67% premium to Wednesday’s closing price.
The companies said the deal is expected to close sometime in Q2, pending customary closing conditions.
ALPN is up 36.5% on over 5 million shares trade.
My Take: The deal premium is already priced into ALPN, so I don’t see any upside here.
Rent the Runway [RENT] - Last Close: $1.13
Earnings result published after Wednesday’s closing bell are rocketing shares of Rent the Runway higher in today’s premarket.
The second-hand fashion app posted a wider-than-expected loss of $(7.02) per share, but revenues of $75.8 million topped the Street’s consensus.
RENT is up 32.9% on almost half a million shares traded in response to the news.
My Take: RENT has an absurdly high short ratio, and I am guessing a short squeeze is the real reason for the stock’s sudden move; more so than its minor revenue beat, at least.
Eliem Therapeutics [ELYM] - Last Close: $2.67
Tiny biotech Eliem Therapeutics has agreed to merge with Tenet Medicines in an all-stock deal.
Eliem also announced a $120 million concurrent private placement in connection with the transaction.
ELYM is up 53.9% with over 10 million shares traded in the premarket.
My Take: This deal gives ELYM access to Tenet’s pipeline, which could deliver some clinical catalysts down the road. Might be worth watching. .
Rallybio [RLYB] - Last Close: $1.63
Micro-cap biotech firm Rallybio announced a collaboration with Johnson & Johnson [JNJ] to develop therapeutics for pregnant women at risk of FNAIT.
In support of the partnership, Johnson & Johnson Innovation made a $6.6 million equity investment in Rallybio.
RLYB is up 101.2% with over 20 million shares traded in response to the news.
My Take: RLYB just landed itself a heavy-hitting partner in JNJ and that could bode very well for its future. I’m adding this one to my watchlist.
