Today's biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Biogen (BIIB) has agreed to acquire Apellis Pharmaceuticals Inc. for $5.6 billion, expanding its treatments in immunology and rare diseases in one of the company’s largest-ever acquisitions. The Cambridge, Massachusetts-based biotech company will pay $41 a share for Apellis, or more than double the company’s closing price on Monday. Apellis’ stock has declined 32% so far this year.
- Eli Lilly (LLY) agreed to buy sleep drug maker Centessa Pharmaceuticals Plc in a deal worth up to $7.8 billion, a sign the weight-loss medication giant is looking to bulk up its treatment pipeline for other conditions.
Lilly will pay $38 a share for Centessa plus a further $9 a share if three milestone targets are met, according to a statement Tuesday. The total represents a 70% premium to Monday’s close. The upfront payment represents an equity value of about $6.3 billion, with potential additional payments of about $1.5 billion.
- Nvidia (NVDA) said it has invested $2 billion in Marvell Technology (MRVL) as part of an agreement to collaborate on silicon photonics technology, an effort to make AI services more affordable amid historic investments in the new technology.
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