Biotech Buyout Spree Continues

It may be the last week of the year, but many companies are rushing to get deals done before year-end. Two significant transactions in the biotech space were announced today, so let’s dive in. 👇

The first deal involves RayzeBio, which raised $358 million via an initial public offering (IPO) just three months ago. However, its time as a public company is being cut short by Bristol Myers Squibb, which is acquiring the radiopharmaceutical therapeutics company for $62.50 per share in cash. 💰

That represents a 100% premium to Friday’s closing price and values the company at $4.1 billion. Bristol Myer’s CEO said, “This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond.”

$RYZB shares doubled on the day, giving investors a rare, quick win in the 2023 IPO market. 🤑

Next up, AstraZeneca is buying China-based cell therapy biotech Gracell for $1.2 billion. The Anglo-Swedish pharmaceuticals giant is one of the biggest drugmakers in China but is reportedly planning to spin off that part of its business to shield it from growing geopolitical tensions. 🧬

As for this acquisition, AstraZeneca looks to expand its cell therapies for cancer and autoimmune diseases. It’s hoping to challenge the likes of Gilead Sciences, Novartis, and Bristol Myers, which currently dominate the cell therapy space.

$AZN shares were up marginally on the news. 🔺

Epic Wins A “Victory Royale” Against Google

It’s been three years since Fornite-maker Epic Games sued Apple and Google for allegedly running illegal app store monopolies. And despite losing a similar battle against Apple, the game-maker has secured a win against Google. 🏆

The jury in Epic v. Google delivered its unanimous decision after just a few hours of deliberation. They found a few key things:

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Thailand Scores Major EV Win

Thailand has been helping lead the electric vehicle (EV) push, with the second-biggest economy in Southeast Asia looking to achieve carbon neutrality by 2050. ♻️

The country is known as the “Detroit of Asia,” serving as a major manufacturing hub. As part of that, it’s looking to make 30% of its car output electric by 2030 so that it doesn’t lose its leadership position in the EV transition. Its government is putting up major funds to help fund that, approving $970 million in tax cuts and subsidies to help encourage demand and boost local production. ⚡

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$LUNR Reaches A “Tipping Point”

One of the top stories in the market over the last 24 hours has been Intuitive Machines’, which trades under the ticker symbol $LUNR. 📻

The space exploration company’s Nova-C cargo moon lander known as “Odysseus” became the first privately developed spacecraft to land on the lunar surface. It was also the first U.S. spacecraft to soft-land on the moon in over 50 years. 🌝

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Boeing Loses Altitude (Again)

If you’re an investor in airlines or airplane manufacturers, this is not the type of headline you want to wake up to. Unfortunately for Boeing and several others, the news is not great. So let’s dig into it. 👇

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