Tag: Acquisition

Pfizer to Acquire Metsera in $4.9 Billion Deal, Expanding Obesity Drug Pipeline

Posted on by slightbourne@noblecapitalmarkets.com

Pfizer Inc. (NYSE: PFE) has announced plans to acquire Metsera, Inc. (NASDAQ: MTSR), a clinical-stage biopharmaceutical company developing next-generation obesity and cardiometabolic treatments. The all-cash deal, valued at $47.50 per share, represents an enterprise value of approximately $4.9 billion, with the potential for an additional $22.50 per share in contingent milestone payments tied to clinical and regulatory approvals.

The acquisition marks Pfizer’s most significant push yet into the rapidly growing obesity treatment market, an area forecasted to reach hundreds of billions in value globally over the coming decade. With over 200 health conditions linked to obesity, pharmaceutical companies are racing to develop therapies that offer stronger efficacy, fewer side effects, and more convenient dosing schedules.

Metsera brings to Pfizer a diverse pipeline of incretin and amylin programs, including both injectable and oral formulations designed to improve weight loss outcomes. Its lead candidates include:

  • MET-097i, a weekly and monthly injectable GLP-1 receptor agonist currently in Phase 2 trials.
  • MET-233i, a monthly amylin analog in Phase 1 development, being tested both as monotherapy and in combination with MET-097i.
  • Two oral GLP-1 receptor agonist candidates expected to begin clinical trials in the near term.
  • Additional preclinical nutrient-stimulated hormone therapeutics under development.

Preliminary clinical data for MET-233i presented at the 61st Annual Meeting of the European Association for the Study of Diabetes (EASD) indicated a potentially best-in-class profile, with strong durability and tolerability supporting less frequent injections.

Pfizer expects to leverage its global clinical, manufacturing, and commercial infrastructure to accelerate the development of Metsera’s portfolio. The acquisition aligns with the company’s broader strategy of expanding into high-growth therapeutic areas where demand is accelerating.

Under the agreement, Metsera shareholders will receive $47.50 in cash upon closing, with the possibility of an additional $22.50 per share through contingent value rights (CVRs). These CVRs include:

  • $5 per share upon the initiation of a Phase 3 trial for the MET-097i + MET-233i combination.
  • $7 per share upon U.S. FDA approval of MET-097i as a monthly monotherapy.
  • $10.50 per share upon FDA approval of the monthly MET-097i + MET-233i combination.

If all milestones are achieved, the transaction value could exceed $7 billion.

The deal has been unanimously approved by both companies’ boards of directors and is expected to close in the fourth quarter of 2025, subject to regulatory approval and shareholder consent.

With this acquisition, Pfizer joins competitors such as Eli Lilly and Novo Nordisk in intensifying the race to dominate the obesity treatment market. By combining Metsera’s innovative science with Pfizer’s scale, the company aims to deliver next-generation weight management solutions to millions of patients worldwide.

Atlas Holdings to Acquire The ODP Corporation in $1 Billion All-Cash Deal

Posted on by slightbourne@noblecapitalmarkets.com

The ODP Corporation (NASDAQ: ODP), parent company of Office Depot and OfficeMax, has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings in an all-cash transaction valued at approximately $1 billion. The deal, announced on September 22, 2025, represents a 34% premium to ODP’s closing share price on September 19 and will result in the company becoming privately held.

Under the terms of the agreement, ODP shareholders will receive $28 per share in cash. Once completed, shares of ODP common stock will be delisted from the NASDAQ exchange, marking a new chapter for the company as it transitions away from public markets.

The acquisition is expected to strengthen ODP’s business-to-business (B2B) operations, a core growth area that the company has prioritized in recent years. Through its subsidiaries—ODP Business Solutions, Office Depot, and Veyer—ODP provides an integrated platform that combines supply chain and distribution services with a nationwide retail footprint and omnichannel presence. This structure has positioned ODP as both a retailer and a strategic B2B service provider, a model that Atlas Holdings is expected to build upon.

Atlas Holdings, headquartered in Greenwich, Connecticut, is a diversified holding company that owns and operates 29 businesses across multiple industries, generating more than $20 billion in annual revenue. Its portfolio includes companies in automotive supply, building materials, food manufacturing, metals processing, packaging, printing, supply chain management, and more. With over 60,000 employees across 375 facilities worldwide, Atlas has a strong track record of investing in operational transformation and long-term growth strategies.

For ODP, this transaction provides not only a premium for shareholders but also resources to advance its ongoing shift from a traditional retail model toward a more technology-enabled, service-driven enterprise. In recent years, ODP has taken steps to navigate challenges in the retail environment by diversifying its revenue streams and sharpening its focus on providing solutions for business clients.

Becoming part of Atlas’s portfolio is expected to give ODP the flexibility to continue evolving without the quarterly pressures of public markets. Atlas’s experience in transitioning public companies into successful private enterprises is anticipated to provide the financial and operational support needed to accelerate ODP’s growth trajectory and reinforce its competitive position in the office supply and business services sector.

The transaction has been unanimously approved by ODP’s Board of Directors and is expected to close by the end of 2025, subject to customary regulatory and shareholder approvals.

If completed, the acquisition will represent one of Atlas Holdings’ most high-profile moves in recent years and could reshape the competitive landscape for B2B services and office supply distribution in North America.

PNC Becomes Colorado’s Leading Bank with FirstBank Acquisition

Posted on by slightbourne@noblecapitalmarkets.com

PNC Financial Services Group has taken another major step in its national expansion strategy, announcing a $4.1 billion agreement to acquire FirstBank Holding Company, a Colorado-based institution with deep community roots and a strong regional presence. The deal, unveiled Monday, will significantly bolster PNC’s operations in two high-growth markets—Colorado and Arizona—while reinforcing its status as one of the nation’s leading banks.

FirstBank, headquartered in Lakewood, Colorado, reported $26.8 billion in assets as of June 30, 2025. The bank operates 95 branches, with a dominant presence in Colorado and an established footprint in Arizona. The combination will more than triple PNC’s branch network in Colorado to 120 locations and instantly make Denver one of PNC’s largest markets nationwide, securing the number one position in both retail deposit share and branch share in the metro area. In Arizona, PNC will expand its presence to over 70 branches, further solidifying its strategy to grow in fast-expanding regions across the western United States.

For PNC Chairman and CEO William S. Demchak, the acquisition is more than a geographic play. It reflects PNC’s strategy of scaling its franchise by blending organic growth with targeted acquisitions. Over the past decade, PNC has consistently delivered double-digit revenue growth in new and acquired markets, aided by substantial investments in branch expansion, marketing, and digital capabilities. “FirstBank is the standout branch banking franchise in Colorado and Arizona,” Demchak said, praising its trusted relationships, strong retail base, and community focus. “It is an ideal partner for PNC as we continue to expand nationally.”

FirstBank’s legacy of community service is central to its appeal. The bank is well known for sponsoring Colorado Gives Day, which has raised over $500 million for local nonprofits. Its community-first model mirrors PNC’s approach, particularly through initiatives like its $85 billion Community Benefits Plan, which supports affordable housing, small businesses, and economic development, and its $500 million Grow Up Great® program, which promotes early childhood education.

Leadership continuity will also play an important role. FirstBank CEO Kevin Classen will assume the role of PNC’s Colorado Regional President and Mountain Territory Executive, overseeing operations in Colorado, Arizona, and Utah. PNC plans to retain all FirstBank branches and staff, ensuring continuity for customers and communities while leveraging PNC’s scale and resources to enhance offerings.

The acquisition, unanimously approved by the boards of both companies, is expected to close in early 2026 pending regulatory approvals. Shareholders of FirstBank will receive consideration in a mix of PNC stock and cash, totaling approximately 13.9 million shares and $1.2 billion. Advisors to the deal include Wells Fargo and Wachtell, Lipton, Rosen & Katz for PNC, and Morgan Stanley, Goldman Sachs, and Sullivan & Cromwell for FirstBank.

For PNC, the acquisition cements its push into high-growth western markets, expanding beyond its strongholds in the Midwest and East. For FirstBank, it marks a new chapter, pairing its community-driven model with the capabilities of a national financial powerhouse. Together, the institutions are poised to reshape the banking landscape in Colorado and Arizona while reinforcing PNC’s growing influence nationwide.

HNI Corporation to Acquire Steelcase in $2.2 Billion Deal, Creating Industry Powerhouse

Posted on by slightbourne@noblecapitalmarkets.com

HNI Corporation has announced a definitive agreement to acquire Steelcase Inc. in a cash-and-stock deal valued at approximately $2.2 billion. The strategic acquisition unites two iconic names in workplace furniture and design, combining their strengths in innovation, manufacturing, and dealer networks to form a dominant force in the commercial interiors market.

Under the terms of the deal, Steelcase shareholders will receive $7.20 in cash and 0.2192 shares of HNI common stock for each Steelcase share they own. Based on HNI’s stock price as of August 1, 2025, the total purchase price comes to about $18.30 per share. Once finalized, HNI shareholders will own roughly 64% of the combined entity, while Steelcase shareholders will hold the remaining 36%.

HNI Chairman and CEO Jeffrey Lorenger emphasized the complementary nature of the merger, stating, “This acquisition brings together two respected companies with strong brands and decades of leadership in the industry.” Lorenger will continue to lead the combined company, which will retain HNI’s headquarters in Muscatine, Iowa, and keep Steelcase’s base in Grand Rapids, Michigan.

The new entity will have a pro forma annual revenue of $5.8 billion and adjusted EBITDA of approximately $745 million, with anticipated annual cost synergies of $120 million. Financially, the acquisition positions the company for long-term earnings growth, with projections for accretive non-GAAP EPS by 2027 and a return to pre-acquisition leverage within 18 to 24 months.

The companies’ combined strengths span across corporate, healthcare, education, hospitality, and small-to-midsize business markets. With their complementary product portfolios and broad dealer networks, the merger enhances their ability to serve a wider range of customers with innovative solutions for modern workspaces. Both firms bring decades of product design expertise and a shared commitment to purpose-driven leadership and environmental stewardship.

Steelcase CEO Sara Armbruster called the merger a “bold step” that ushers in a new era for the company, employees, and customers. “Together, we will redefine what’s possible in the world of work, workers, and workplaces,” she said.

The transaction has received strong early support from key stakeholders. Some Steelcase shareholders have already agreed to vote in favor of the deal, and committed financing is in place from JPMorgan Chase and Wells Fargo. The merger is expected to close by the end of 2025, pending shareholder and regulatory approvals.

Advisors for the deal include J.P. Morgan Securities for HNI, and Goldman Sachs and BofA Securities for Steelcase. Legal counsel is being provided by Davis Polk & Wardwell for HNI and Skadden, Arps, Slate, Meagher & Flom for Steelcase.

The deal signals a major consolidation in the commercial furniture sector and positions the combined company to lead the evolution of the workplace at a time when hybrid work, digital transformation, and sustainable design continue to reshape business environments.

CyberArk Shares Soar as Palo Alto Networks Eyes $20 Billion+ Acquisition

Posted on by slightbourne@noblecapitalmarkets.com

In a potential seismic shift in the cybersecurity landscape, shares of CyberArk soared by as much as 18% Tuesday following reports that Palo Alto Networks is in advanced talks to acquire the identity security firm in a deal exceeding $20 billion.

The reported deal, first published by The Wall Street Journal, would mark Palo Alto Networks’ largest acquisition to date, far surpassing its recent spree of cybersecurity buys and signaling a bold bet on the future of identity and cloud security. With a current market cap hovering around $132 billion, Palo Alto has emerged as the dominant force in the cybersecurity space, and a tie-up with CyberArk would only cement that leadership.

CEO Nikesh Arora, who took the helm at Palo Alto in 2018, has aggressively expanded the company’s portfolio in recent years, recently closing its purchase of Protect AI and acquiring Talon Cyber Security, Dig Security, and Zycada Networks in 2023. But a CyberArk deal would be in a league of its own — both in terms of size and strategic value.

CyberArk, based in Israel, specializes in identity management solutions — helping enterprises secure login credentials, privileged access, and sensitive systems. Its technologies are especially relevant in a business environment increasingly shaped by AI acceleration, cloud-first infrastructure, and a rising tide of ransomware threats. The company’s growth has reflected this demand: CyberArk’s first-quarter revenue jumped 43% year-over-year to $318 million, delivering $11.5 million in net income. Its stock has now climbed 29% in 2025, building on a 52% gain in 2024, and recently hit a record high.

Competition in the identity security space remains fierce, with Microsoft, Okta, IBM’s HashiCorp, and SailPoint all vying for enterprise customers. But CyberArk’s consistent performance and deep enterprise integration have made it a standout — and an attractive acquisition target.

As news of the potential deal broke, Palo Alto’s stock dipped 3.5%, likely due to investor concerns over the price tag and dilution. Still, the company’s shares are up nearly 9% year-to-date, reflecting continued confidence in its growth trajectory.

The possible merger comes amid a flurry of mega-deals in the cybersecurity sector. In March, Google announced its largest acquisition ever — a $32 billion purchase of cloud security firm Wiz. Similarly, Cisco shook the market in 2023 by acquiring Splunk for $28 billion, marking its biggest bet on data and threat intelligence tools.

While neither Palo Alto Networks nor CyberArk has officially commented on the acquisition rumors, industry observers suggest that the deal, if finalized, could redefine the competitive map for identity and cloud security in a rapidly evolving threat landscape.

Zimmer Biomet Acquires Monogram Technologies to Lead in Robotic Orthopedics

Posted on by slightbourne@noblecapitalmarkets.com

Zimmer Biomet (NYSE: ZBH), one of the world’s leading medical technology companies, announced a definitive agreement to acquire Monogram Technologies (NASDAQ: MGRM), a fast-growing robotics innovator, in a strategic move that could redefine the future of orthopedic surgery. The $177 million all-cash deal includes an upfront payment of $4.04 per share and a potential additional $12.37 per share via a non-tradeable contingent value right (CVR), contingent on milestones through 2030.

The acquisition marks a major milestone in Zimmer Biomet’s mission to deliver a next-generation surgical robotics platform. Monogram brings proprietary semi- and fully autonomous robotic systems designed for total knee arthroplasty (TKA), bolstered by FDA clearance in early 2025. The deal also positions Zimmer Biomet to be the first company in orthopedics to offer a fully autonomous surgical robot—a potential game-changer in an increasingly tech-driven sector.

Zimmer Biomet’s existing ROSA® Robotics platform already leads in imageless robotics and is nearing 2,000 global installations. By integrating Monogram’s AI-driven, CT-based surgical systems, the company expands its portfolio to address varying surgeon preferences—manual, semi-autonomous, or fully autonomous—and across different anatomical procedures.

This acquisition gives Zimmer Biomet a first-mover advantage in the race for orthopedic robotics innovation. With Monogram’s platform, the company aims to deliver safer, more efficient surgeries and drive adoption across hospitals and ambulatory surgery centers (ASCs) seeking digital and robotic enhancements.

Monogram’s technology complements Zimmer Biomet’s current development pipeline, including ROSA Knee with OptimiZe, ROSA Posterior Hip, and ROSA Shoulder—key components of its multi-year plan to remain the global leader in orthopedic robotics.

Financially, the acquisition is expected to be neutral to Zimmer Biomet’s adjusted earnings per share through 2027 and accretive thereafter. Management projects high-single-digit returns on invested capital by year five, fueled by accelerated robotic knee adoption, greater share of wallet, and broader customer reach in the U.S. and internationally.

Tariffs and broader market volatility have weighed on the healthcare sector in 2025, but Zimmer Biomet’s move signals a long-term, innovation-led growth strategy. By enhancing its robotics suite, the company is positioning itself to capture demand in one of the fastest-growing medtech segments.

With regulatory approval and Monogram shareholder consent still pending, the merger is expected to close later this year. Once complete, Zimmer Biomet will be uniquely positioned with the industry’s most flexible and comprehensive orthopedic robotics ecosystem.

This acquisition isn’t just a strategic bolt-on; it’s a forward-looking bet on where surgery is headed—autonomous, data-driven, and personalized. For investors seeking exposure to the convergence of AI, robotics, and healthcare, Zimmer Biomet’s expanding portfolio offers a compelling case for long-term value creation.

Home Depot’s SRS Distribution to Acquire GMS Inc. in $5.5 Billion Deal

Posted on by slightbourne@noblecapitalmarkets.com

GMS Inc. (NYSE: GMS), a major distributor of specialty building products across North America, has entered into a definitive agreement to be acquired by SRS Distribution, a subsidiary of The Home Depot. The transaction, valued at approximately $5.5 billion including net debt, marks a significant step in expanding The Home Depot’s distribution capabilities through its fast-growing specialty trade arm.

Under the agreement, SRS will launch a tender offer to purchase all outstanding shares of GMS for $110.00 per share in cash—representing a 36% premium over GMS’s closing stock price on June 18, 2025. The acquisition is expected to close by the end of The Home Depot’s current fiscal year, pending regulatory approvals and a majority tender of GMS shares.

Founded in 1971, GMS has built a strong presence in the building materials sector, offering a wide range of products including wallboard, ceilings, steel framing, and complementary items through its network of over 320 distribution centers and nearly 100 tool sales and rental locations. The company’s consistent growth has been guided by a strategy focused on expanding its core product sales, growing complementary offerings, extending its platform, and driving productivity and profitability.

Following the acquisition, GMS will continue to operate under its current leadership. CEO John C. Turner Jr. and the existing senior management team will remain at the helm, overseeing day-to-day operations as part of the SRS organization.

The merger aims to significantly enhance service and fulfillment options for both residential and commercial contractors. By combining GMS’s industry leadership and product breadth with SRS’s expansive footprint—already spanning more than 800 locations—the unified business will operate over 1,200 branches and manage a delivery fleet of more than 8,000 trucks.

SRS Distribution CEO Dan Tinker emphasized the value of the partnership, stating that the integration of GMS into the SRS platform will result in a powerful distribution network capable of servicing tens of thousands of job sites daily.

This acquisition also builds on The Home Depot’s strategic use of SRS as a platform for growth. Since acquiring SRS, Home Depot has leveraged synergies including shared service offerings, cross-selling opportunities, and integration of trade credit solutions, contributing to its broader strategy of supporting professional contractors more comprehensively.

Once finalized, the deal is expected to increase The Home Depot’s capacity to serve the growing demands of the pro customer segment, strengthening its position across both residential and commercial construction markets.

XOMA Acquires Turnstone in $0.34 Per Share Deal with Future Payouts

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– XOMA will acquire Turnstone for $0.34 per share plus a CVR.
– 25.2% of shareholders have agreed to the deal.
– The acquisition expands XOMA’s biotech royalty portfolio.

In a notable development in the biotech investment landscape, XOMA Royalty Corporation has entered into a definitive agreement to acquire Turnstone Biologics Corp. in a cash and contingent value right (CVR) transaction. The acquisition underscores XOMA’s continued push to expand its royalty and milestone-driven portfolio by targeting biotech firms with high-risk, high-reward therapeutic assets.

Under the terms of the deal announced June 27, XOMA Royalty will pay $0.34 per share in cash to Turnstone shareholders, along with a non-transferable CVR tied to future clinical or commercial milestones. The transaction was unanimously approved by Turnstone’s board following a comprehensive strategic review, indicating strong alignment between both companies on the benefits of the proposed merger.

The transaction will be executed through a tender offer, which XOMA is expected to launch by July 11, 2025. To move forward, the offer requires acceptance by holders representing at least a majority of Turnstone’s outstanding shares, along with other standard closing conditions including a minimum cash balance at the time of closing.

Significantly, shareholders representing roughly 25.2% of Turnstone’s stock have already agreed to support the deal and tender their shares, increasing the likelihood of a successful outcome. If the tender offer is completed as planned, remaining shares not tendered—excluding any subject to appraisal rights—will be converted into the same cash and CVR terms. The full acquisition is anticipated to close by August 2025.

The CVR element of the deal provides Turnstone shareholders with potential upside depending on the progress of its pipeline, which historically has focused on Selected Tumor-Infiltrating Lymphocyte (Selected TIL) therapy for the treatment of solid tumors. While the company has faced challenges in recent quarters, its research has positioned it within a promising niche of the immuno-oncology space.

Turnstone has partnered with Leerink Partners as financial advisor and Cooley LLP for legal counsel during the transaction process. On the acquiring side, XOMA is represented by legal firm Gibson, Dunn & Crutcher LLP.

This acquisition adds another layer to XOMA’s unique business model, which focuses on purchasing future economic rights—royalties and milestone payments—from pre-commercial and commercial biotech programs. These rights are typically tied to therapies developed and licensed out by smaller biotech companies to larger pharmaceutical firms. In return, the selling firms receive non-dilutive capital they can reinvest into pipeline development or general operations.

By bringing Turnstone into its fold, XOMA potentially gains exposure to novel cancer therapies while giving Turnstone a viable financial exit at a time when biotech funding remains tight. The CVR component allows existing shareholders to benefit from any future success tied to Turnstone’s core scientific work, creating a hybrid payout structure aligned with both short-term liquidity and long-term optionality.

The transaction reflects a growing trend in biotech M&A, where royalty aggregators like XOMA leverage strategic acquisitions to build long-term value while offering capital relief to development-stage firms.

As of now, both companies remain focused on a smooth closing process, with investors watching closely to see how Turnstone’s science and XOMA’s model will align in the quarters ahead.

CoreWeave Pursues $4B Deal to Power AI Ambitions with Core Scientific

Posted on by slightbourne@noblecapitalmarkets.com

CoreWeave, the rapidly rising AI cloud infrastructure provider, is once again making headlines — this time for reigniting acquisition talks with bitcoin mining giant Core Scientific. According to a report by The Wall Street Journal, the companies are in advanced discussions that could lead to a deal in the coming weeks, pending negotiations.

The move marks a notable turn in a high-stakes courtship that began last year, when CoreWeave made an unsolicited offer to acquire Core Scientific for $1.02 billion. That bid, valued at $5.75 per share, was promptly rejected by Core Scientific for undervaluing the company. Fast-forward a year, and Core Scientific’s market value has climbed to nearly $4 billion, with shares rising roughly 8% following the renewed acquisition chatter.

CoreWeave’s interest in the company is strategic. As AI workloads continue to demand massive computational power and access to stable energy supplies, former crypto mining operations like Core Scientific have become increasingly attractive targets. With expansive infrastructure already in place, these facilities offer AI players a fast track to scaling data centers without starting from scratch.

CoreWeave and Core Scientific already have history. Following the failed acquisition attempt in 2024, the companies entered a multi-decade partnership involving 12-year infrastructure contracts. Among them was a landmark deal in which Core Scientific committed to providing CoreWeave with 200 megawatts of power capacity to support its high-performance computing operations. That agreement alone signaled a convergence between the worlds of cryptocurrency and artificial intelligence — both of which depend on energy-intensive server farms.

The potential acquisition now appears to be a natural next step in that partnership. By bringing Core Scientific under its umbrella, CoreWeave would not only secure long-term access to critical power infrastructure but also strengthen its foothold in the competitive AI cloud race — a space dominated by the likes of Amazon, Google, and Microsoft.

While the exact financial terms of the revived offer have not been disclosed, market analysts suggest any deal would likely exceed the previous $1 billion bid, given Core Scientific’s increased valuation and rising relevance in the post-crypto AI landscape.

Still, a finalized agreement is not guaranteed. Regulatory scrutiny, shifting market conditions, or resistance from shareholders could delay or derail the talks. Neither Core Scientific nor CoreWeave has publicly commented on the latest developments.

The acquisition would mark another significant move in a broader trend: tech and AI companies consolidating energy assets and computing infrastructure once built for cryptocurrency mining. As AI continues to evolve and expand, the race to control the digital and physical backbones of computation is heating up — and CoreWeave is positioning itself at the center.

Lilly Acquires Verve to Advance One-Time Gene Therapy for Heart Disease

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Lilly acquires Verve Therapeutics to develop one-time gene editing treatments for cardiovascular disease.
– Verve’s VERVE-102 targets the PCSK9 gene to lower cholesterol with a single dose.
– Deal strengthens Lilly’s position in cardiometabolic and genetic medicine sectors.

In a move set to transform the landscape of cardiovascular care, Eli Lilly and Company (NYSE: LLY) announced its acquisition of Verve Therapeutics, Inc. (Nasdaq: VERV), a clinical-stage biotechnology firm focused on gene editing treatments for atherosclerotic cardiovascular disease (ASCVD). The transaction, valued at up to $1.3 billion, is aimed at accelerating the development of groundbreaking one-time treatments that could offer lifelong benefits to patients with high cardiovascular risk.

Verve’s lead program, VERVE-102, is a promising in vivo gene editing therapy targeting the PCSK9 gene—an established regulator of LDL cholesterol levels. Currently in a Phase 1b clinical trial, VERVE-102 has been granted Fast Track designation by the FDA and is designed for individuals with heterozygous familial hypercholesterolemia (HeFH) and certain forms of premature coronary artery disease. If successful, the treatment could eliminate the need for chronic medication by permanently modifying liver DNA to lower harmful cholesterol levels.

“This acquisition marks a bold step toward shifting cardiovascular care from lifelong therapy to one-time cures,” said Ruth Gimeno, Lilly’s Group VP of Diabetes and Metabolic Research and Development. “Combining Lilly’s global scale with Verve’s scientific innovation positions us to lead the next generation of cardiometabolic treatment.”

The purchase agreement includes an upfront cash payment of $10.50 per share—totaling approximately $1.0 billion—along with an additional contingent value right (CVR) worth up to $3.00 per share, tied to future clinical milestones. If all conditions are met, the total deal value could reach $1.3 billion. The acquisition represents a 113% premium over Verve’s 30-day average stock price prior to the announcement.

Founded just seven years ago, Verve has rapidly built a pipeline of one-time gene editing therapies aimed at the three core lipid-related drivers of ASCVD: low-density lipoproteins, triglycerides, and lipoprotein(a). In addition to VERVE-102, Verve is advancing VERVE-201 (targeting ANGPTL3 for refractory hypercholesterolemia) and VERVE-301 (targeting LPA for lipoprotein(a)-related risks).

“Joining Lilly is the natural next step in our mission to bring one-time gene editing treatments to people with cardiovascular disease,” said Dr. Sekar Kathiresan, co-founder and CEO of Verve. “Lilly’s world-class capabilities will significantly accelerate our clinical development and commercial reach.”

The deal is expected to close in Q3 2025, pending customary regulatory approvals and the successful tendering of Verve shares. Several major shareholders, including co-founders and investors affiliated with GV (formerly Google Ventures), have already agreed to tender approximately 17.8% of Verve’s outstanding stock.

For Lilly, this acquisition reinforces its strategic commitment to expanding in cardiometabolic and genetic medicine sectors—areas already central to its long-term growth strategy. As the race to develop durable, gene-based solutions for chronic illnesses intensifies, the Verve acquisition could position Lilly at the forefront of an entirely new therapeutic paradigm.

E.l.f. Beauty Bets Big on Skincare, Acquires Hailey Bieber’s Rhode for $1 Billion

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– E.l.f. acquires Hailey Bieber’s Rhode to expand into high-end skincare.
– Rhode hit $212M in sales in 3 years, driven by DTC and social media.
– Rhode to launch in Sephora; Bieber stays on as creative head.

E.l.f. Beauty is making a bold move into the luxury skincare space with its acquisition of Hailey Bieber’s skincare brand, Rhode, in a deal valued at up to $1 billion. The acquisition, announced Wednesday, marks E.l.f.’s largest to date and signals a strategic shift to broaden its appeal and strengthen its skincare portfolio.

The deal includes $800 million in cash and stock, with an additional $200 million contingent on Rhode’s performance over the next three years. It’s expected to close later this year, during the second quarter of E.l.f.’s fiscal 2026.

Founded in 2022 by Bieber and co-founders Michael and Lauren Ratner, Rhode has skyrocketed to success in just three years, generating $212 million in net sales with a minimalist product lineup. The brand’s direct-to-consumer model and social media dominance — particularly on TikTok — have driven exponential growth and massive brand awareness.

“I’ve been in the consumer space for 34 years, and I’ve never seen anything like this,” said E.l.f. CEO Tarang Amin. “Rhode disrupted the skincare market with just 10 products and a clear, authentic voice.”

Hailey Bieber will stay on as Rhode’s Chief Creative Officer and Head of Innovation, continuing to oversee marketing and product development. In a statement, she expressed excitement about scaling Rhode with E.l.f., saying the partnership will “elevate and accelerate” their reach and global distribution.

While Rhode has operated exclusively through its website, it is set to launch in Sephora stores across North America and the U.K. before year-end — a move expected to significantly boost retail presence and revenue.

Goldman Sachs analysts called the acquisition a “strategic positive,” praising Rhode’s potential to elevate E.l.f.’s brand value and attract a higher-income customer segment. Rhode’s average product price — in the high $20 range — complements E.l.f.’s affordable core products, which start around $6.50.

This move follows E.l.f.’s 2023 acquisition of Naturium for $355 million, underscoring its commitment to expanding in skincare — a category with growing demand among younger consumers.

However, the timing poses challenges. E.l.f. is funding $600 million of the deal with debt amid high interest rates, and it faces uncertainty around tariffs on Chinese imports, from which it sources 75% of its products. The company is also planning a $1 price hike beginning in August to counter rising costs.

Despite these headwinds, E.l.f. reported strong Q4 results: earnings per share of $0.78 (vs. $0.72 expected) and $333 million in revenue (vs. $328 million forecasted). But due to ongoing trade tensions and tariff risks, the company declined to offer guidance for fiscal 2026.

The Rhode deal reflects E.l.f.’s confidence in premium skincare’s resilience—even in a shaky economic climate—and positions the brand to capture a larger share of the beauty market with innovative, high-impact products.

DICK’S Sporting Goods to Acquire Foot Locker in $2.5B Deal, Creating Sports Retail Powerhouse

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– DICK’S to acquire Foot Locker for $2.4B equity value, $2.5B enterprise value
– Combined company to operate globally across 20+ countries
– Deal expected to be accretive to earnings and unlock $100M–$125M in cost synergies
– Foot Locker to remain a standalone brand under the DICK’S portfolio

In a bold move set to reshape the global sports retail landscape, DICK’S Sporting Goods announced plans to acquire Foot Locker in a transaction valued at approximately $2.5 billion. The deal, expected to close in the second half of 2025, creates a retail giant capable of reaching a broader demographic—from performance-driven athletes to sneaker culture enthusiasts—across more than 20 countries.

Under the terms of the agreement, Foot Locker shareholders will have the option to receive either $24 per share in cash or 0.1168 shares of DICK’S common stock for each Foot Locker share. This represents a premium of 66% over Foot Locker’s recent 60-day volume-weighted average price. The acquisition multiple stands at roughly 6.1x Foot Locker’s 2024 adjusted EBITDA.

The merger significantly expands DICK’S international footprint while preserving Foot Locker’s brand identity. DICK’S plans to operate Foot Locker as a standalone business unit, retaining its portfolio of popular sub-brands like Champs Sports, Kids Foot Locker, WSS, and atmos. Combined, the companies will operate over 3,200 stores and generate nearly $20 billion in annual revenue.

For investors, this acquisition represents a strategic play to unlock long-term value through scale and operational efficiency. DICK’S expects the deal to be accretive to earnings in the first full fiscal year following the close—excluding one-time costs—and estimates $100–$125 million in medium-term cost synergies. These savings are projected to come from procurement, direct sourcing, and supply chain optimization.

The move also marks DICK’S entry into international markets and builds on its successful House of Sport concept by leveraging Foot Locker’s expertise in sneaker culture. The combined company will cater to a more diverse consumer base with differentiated store concepts and enhanced digital experiences.

Leadership at both companies highlighted the strategic and cultural alignment behind the deal. DICK’S Executive Chairman Ed Stack emphasized Foot Locker’s brand equity and cultural relevance, while CEO Lauren Hobart noted that the merger creates a new global platform for sports and sneaker culture.

Foot Locker CEO Mary Dillon framed the acquisition as a natural evolution of the brand’s mission and a value-creating opportunity for shareholders, giving them the choice between immediate liquidity and future growth participation.

The transaction will be financed through a combination of cash-on-hand and new debt, with Goldman Sachs providing committed bridge financing. Regulatory approval and a shareholder vote are the final hurdles, with no major obstacles expected.

For small-cap investors, this deal has wide implications. While neither DICK’S nor Foot Locker are in the small-cap bracket themselves, the merger sends a strong signal that retail consolidation is accelerating. The competitive pressures and strategic partnerships that follow could impact suppliers, regional chains, and logistics companies that serve the growing global sports retail ecosystem.

Databricks Acquires Neon for $1 Billion to Supercharge AI-Native Applications

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Databricks acquires Postgres-based startup Neon to enhance support for AI-native applications.
– Neon’s automated, serverless database tools are designed for fast, scalable, agent-based deployment.
– The deal reflects growing demand for intelligent infrastructure to support next-gen AI workloads.

Databricks, a leader in data analytics and artificial intelligence infrastructure, has announced the acquisition of Neon, a cloud-native Postgres startup, for approximately $1 billion. The deal marks a strategic push to strengthen Databricks’ capabilities in the realm of serverless databases—an area increasingly critical for the deployment of AI agents and intelligent applications.

Neon, founded in 2021, has quickly gained attention for its open-source, developer-friendly approach to relational databases. It offers a cloud-based, fully managed Postgres platform with features such as dynamic scaling, database branching for safe testing, and point-in-time recovery. These capabilities are particularly well-suited to AI-driven workloads, where systems operate faster than humans and require scalable, real-time data access.

A growing trend among AI platforms is the use of agentic software—automated tools and bots that create and manage back-end resources such as databases without human intervention. In recent telemetry data, a substantial majority of database instances on Neon’s platform were created by AI agents rather than developers. This level of automation underscores a shift in software development, where applications are increasingly built and operated by other pieces of code.

By integrating Neon’s technology, Databricks aims to provide a serverless Postgres solution that can meet the demands of AI-driven systems—particularly in areas like model training, automated testing, and scalable deployment. This also aligns with Databricks’ broader strategy of building an end-to-end ecosystem for AI development, from data ingestion to inference and monitoring.

Neon has attracted significant investor interest in a short period, raising $129.6 million from notable backers including Microsoft’s venture arm, General Catalyst, and Menlo Ventures. The acquisition is also consistent with Databricks’ recent moves, including its 2023 purchase of MosaicML and its more recent acquisition of Tabular—both aimed at expanding its reach in AI infrastructure.

For investors, this deal highlights the growing strategic value of early-stage platforms that support intelligent automation and scalable deployment. Neon’s focus on usability, flexibility, and cost efficiency made it a compelling target in a space where performance and developer speed are paramount.

Databricks’ continued investment in infrastructure optimized for AI suggests that the next wave of competition in tech won’t just be about the power of models—but about the speed, efficiency, and intelligence of the tools that support them. As the AI ecosystem evolves, companies offering agile, cloud-native tools for developers are becoming key pillars in the digital economy.

This acquisition reinforces the idea that AI-native infrastructure is now core to software innovation, and investors should be watching closely as these capabilities shape the future of development.