The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday, June 12, 2017.
Sanofi, Gilead Said to Consider $10B Deal for Tesaro
The Rumor:
Shares of TESARO Inc (NASDAQ: TSRO)
spiked sharply higher Monday on a report that both Sanofi SA (ADR) (NYSE: SNY) and Gilead Sciences, Inc. (NASDAQ: GILD) could bid $10 billion for the biotech company, according to Street Insider.
Shares traded as high as $141.71 on the report.
The Wall Street Journal reported earlier this month that Tesaro is planning a sale of the company.
Tesaro closed at $142.67, up $3.89.
Neuroderm Said to be Considering Sale
The Rumor:
Share of Neuroderm Ltd (NASDAQ: NDRM)
spiked to a high of $24.95 as Bloomberg reported the company is considering a sale. Neuroderm has three clinical stage product
candidates for various stages of Parkinson’s disease.
Neuroderm closed at $25.00, up $3.25.
Penn Virginia Exploring Sale
The Rumor:
Penn Virginia Corporation (NASDAQ: PVAC)
has hired Jefferies to help it explore a potential sale, according to sources as reported by Reuters. A potential sale is among the
strategic alternatives being considered.
Penn Virginia emerged from bankruptcy last September.
Penn Virginia closed at $42.66, down $0.91.
Synaptics to Acquire Conexant for $300M in Cash
The Deal:
Synaptics, Incorporated (NASDAQ: SYNA)
reported in an 8-K filing that on June 11, 2017, the Company entered into a securities purchase agreement to acquire all of the
outstanding limited liability company interests of Conexant for $300 million in cash 726,666 shares of Synaptics common stock, to
be issued at closing in an exempt private placement. The acquisition is expected to close in Q1 of fiscal year 2018.
The purchase agreement is subject to termination if the transaction is not completed on or before December 8, 2017.
Synaptics closed at $58.79, down $0.87.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.