Category: Headlines

Corrs Chambers Westgarth and Mallesons have advised on a merger between Vault Minerals and Regis Resources to establish a new Australian Securities Exchange (ASX)-listed gold company with a pro forma market capitalisation of around AUD10.7 billion (USD7.7 billion). Corporate partner Russell Philip led the Corrs Chambers Westgarth team in advising Vault Minerals. “Aside from matters relating to the Australian Securities and Investments Commission and the Australian Securities Exchange (ASX) in connection with a change of control transaction, the Corrs competition team advised on the Australian merger clearance requirements in relation to the proposed transaction,” Philip told Asia Business Law Journal. Mallesons, spearheaded by Perth M&A corporate team head Nigel Hunt, counselled Regis Resources. “As noted in the scheme implementation deed, Regis has considered the new Australian Competition and Consumer Commission (ACCC) mandatory merger regime clearance, which is one of the conditions precedent for the transaction, and has undertaken due diligence across the full range of regulatory matters relating to Vault and its operations,” Hunt told ABLJ. Under the agreement, Regis will acquire 100% of the fully paid ordinary shares in Vault. In exchange, Vault shareholders will receive 0.6947 new fully paid ordinary shares in Regis for each Vault share held. The combined company would have high-quality assets across five Western Australian operating hubs with annual production exceeding 700,000 ounces from a combined mineral resource base of approximately 20.5 million ounces, as well as a strong balance sheet and a compelling organic growth pipeline, said Philip. The transaction is subject to approvals from the board, Vault shareholders, the court and regulatory matters as well as ACCC clearance. Completion is expected between 1 August and 30 September 2026. Source: https://law.asia/vault-regis-gold-merger/

The FDA granted breakthrough therapy designation to TERN-701 for adults with Philadelphia chromosome-positive CML without the T315I mutation. erck & Co (MSD) has completed its acquisition of Terns Pharmaceuticals, expanding its pipeline of treatments for chronic myeloid leukaemia (CML). Following a successful tender offer and subsequent merger, the companies announced the completion of the transaction, making Terns a wholly owned subsidiary of MSD. The US Food and Drug Administration (FDA) recently granted breakthrough therapy designation to TERN-701. The designation covers adults with Philadelphia chromosome-positive CML in the chronic phase without the T315I mutation, who were previously treated with two or more tyrosine kinase inhibitors. It was supported by ongoing data from the Phase I/II CARDINAL trial. MSD completed the cash tender offer through a subsidiary, buying all outstanding Terns common stock at $53 per share, without interest and subject to applicable tax withholding. The tender expired on 4 May 2026. A total of 100.1 million shares, or 86.36% of outstanding Terns stock, were validly tendered and not withdrawn. MSD accepted all such shares in line with the offer’s terms and will promptly pay for them accordingly. Following the tender completion, MSD will purchase all outstanding Terns shares at the time of the merger. With this, Terns is now a wholly owned subsidiary, and its shares will no longer be traded on the Nasdaq Global Select Market. The transaction will be treated as an asset acquisition, resulting in a charge to research and development of $5.8bn ($2.35 per share) within the second quarter and full year 2026 reported results. Generally accepted accounting principles (GAAP) and non-GAAP earnings per share are expected to be negatively impacted by $0.12 per share in 2026, reflecting advancement and financing costs for TERN-701. TERN-701 is a novel oral investigational allosteric breakpoint cluster region::abelson murine leukaemia viral oncogene homolog 1 (BCR::ABL1) tyrosine kinase inhibitor. It binds to the ABL myristoyl pocket, with the potential to improve therapies for CML. Merck chairman and CEO Robert Davis said: “The Terns acquisition reflects Merck’s continued focus on science-driven, value-enhancing business development aimed at bringing meaningful innovation to patients. “We believe TERN-701 has the potential to become a differentiated treatment option for certain patients with chronic myeloid leukaemia, and we look forward to working with the Terns team to advance its clinical development.” Last month, MSD and Google Cloud formed a multi-year partnership, investing up to $1bn, to advance agentic AI enterprise transformation. Source: https://www.pharmaceutical-technology.com/news/msd-concludes-terns-acquisition/?cf-view

SX-listed companies Regis Resources and Vault Minerals have agreed to merge as equals through a Vault scheme of arrangement, under which Regis will acquire 100% of the fully paid ordinary shares in Vault. Under the scheme, Vault shareholders will receive 0.6947 new fully paid ordinary shares in Regis for each Vault share held. Upon implementation of the scheme, Regis shareholders will own about 51% and Vault shareholders will own about 49% of the combined company. The merger creates Australia’s next major gold producer with a globally significant gold production of 700 000 oz/y across five high-quality operating assets across Western Australia; a strong debt-free balance sheet and significant cash generation to fund the next phase of growth; and a large mineral endowment of six-million ounces of reserves and 20.5-million ounces of resources. The merger offers both companies diversificiation to its portfolio, scale and enhanced operational resilience, as well as the ability to realise cost efficiencies of more than A$500-million, including in corporate tax and through lower cost of capital. The combined entity will be led by Russell Clark as nonexecutive chairperson and Regis CEO Jim Beyer as MD and CEO. The combined company’s board will comprise of four directors from each of the current Regis and Vault boards. Beyer says the merger creates Australia’s third-largest primary ASX-listed gold producer, which demands global recognition. Beyer and Vault CEO Luke Tonkin agree that the transaction represents a compelling opportunity for shareholders to retain meaningful ownership and governance influence while gaining exposure to a larger, more resilient gold company with enhanced scale, diversification and balance sheet strength. They echo the view that the merger company will be better positioned to deliver sustained production, enhanced reserve replacement and long-term value creation across gold price cycles. The merger is expected to be effective around August or September this year. Source:https://www.miningweekly.com/article/regis-vault-merger-creates-australias-next-major-gold-producer-2026-05-05

The BreakdownThe Japan Fair Trade Commission has given the green light to the proposed merger of polyolefin businesses of Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical. This consolidation signifies a pivotal shift in the Japanese specialty polymers landscape, aiming to bolster competitiveness, streamline value chains, and reinforce resilience in the face of volatile macroeconomic pressures and global supply disruptions. In parallel, sector players are recalibrating their capital positions through equity offerings and are contending with supply challenges related to raw materials, particularly naphtha, against a backdrop of geopolitical instability. The result is a fundamental rebalancing of the industry’s market structure and operational dynamics. Analyst ViewThe consolidation of key polyolefin players fundamentally reshapes the demand and growth outlook for specialty chemicals and polymers in Japan. The merger, arriving on the heels of financial restructuring by Sumitomo Chemical and its pharma affiliate, reflects an urgent need for scale, capital efficiency, and operational agility as global volatility intensifies. With recent equity- and debt-raising activities signposting a defensive pivot, the industry’s largest players are fortifying their balance sheets to weather raw material shocks and margin compression. Competitive alternatives are being squeezed; smaller operators will find it increasingly difficult to match the merged entities on pricing, product innovation, and the ability to absorb supply chain shocks. Meanwhile, regulatory authorities’ willingness to clear such a high-impact merger implies a policy climate that currently favors domestic consolidation to preserve industrial competitiveness. Market receptivity will depend on rapid integration, proven ability to manage risks, and the adoption of advanced recycling and sustainability technologies—as demonstrated by commercial moves in PMMA chemical recycling. Channel partners and value chain stakeholders should anticipate near-term disruption as portfolio realignments unfold and supply contracts are renegotiated. Downstream customers, especially in packaging and automotive, may experience shifts in sourcing strategies and pricing dynamics as the newly consolidated entity asserts strategic market leadership. Navigating the SignalsFor specialty chemical and polymer leaders, the strategic imperative is clear: prepare for a market defined by greater scale, increased integration, and intensified competition for both feedstock and customers. Heightened geopolitical risk and energy uncertainty—evidenced by the sector’s response to the Iran crisis and Japan’s naphtha stockpiling—underscore the need to secure and diversify input streams and enhance supply chain resilience. Internally, critical questions arise around how to leverage new market structures: Can current product portfolios and technological capabilities deliver differentiated value in a consolidated environment? Are strategic partnerships and M&A necessary to remain relevant? How robust are risk management strategies for price volatility and regulatory shifts? Decisive execution and agility in reassessing supply agreements, customer segmentation, and innovation pipelines will differentiate tomorrow’s winners. Source: https://breakthroughgroup.com/market_watch/mitsui-chemical-idemitsu-kosan-sumitomo-chemical-japan-fair-trade-commission-approves-merger-of-ce7f59dfd889f626/

Stryker is picking up vascular devices maker Amplitude Vascular Systems, while Avanos Medical is being taken private in a spate of medtech M&A deals announced this week. The first deal is a note of good news for Stryker, which had been busy working through a cyberattack on its systems in March by the pro-Iran group Handala Hack in response to U.S. and Israeli military strikes. Although financial details weren’t provided, the company said in an April 13 press release that the acquisition is subject to customary closing conditions. The Amplitude platform uses pulsed CO₂-generated pressure waves delivered through an IVL balloon catheter that fractures calcium and optimizes luminal gain, improving catheter deliverability, treatment speed and therapy efficiency. “This acquisition represents an important step in advancing our vision to build a comprehensive peripheral vascular platform and address significant unmet clinical needs,” Kevin Lobo, Stryker’s chair and chief executive, said in the release. “Combining this innovation with Stryker’s scale and clinical expertise, we believe we can help expand treatment options for physicians and improve care for patients with calcified peripheral arterial disease.” For the second deal, publicly traded Avanos Medical is being taken private by American Industrial Partners in an all-cash deal that values the company at an enterprise value of $1.272 billion, the company said in an April 14 press release. Terms of the deal will give Avanos shareholders $25 per share in cash for each share of common stock they own, representing a premium of around 72% relative to the company’s closing stock price on April 13, 2026, the last full trading day prior to the announcement of the transaction. The deal is expected to close in the second half of the year. “Our agreement with AIP is a milestone for Avanos that reflects the strong momentum across the business,” Gary Blackford, Avanos’ chairman, said in the release. “After careful consideration alongside our independent advisors, we are confident this agreement with AIP represents the right path forward for Avanos and its stockholders.” The company focuses on non-opioid pain management and enteral feeding solutions, including feeding tubes and related systems. Source: https://www.fiercebiotech.com/medtech/stryker-makes-buy-avalon-go-private-spate-medtech-ma-deals

Already the largest biopharma company in India, generics powerhouse Sun Pharma has doubled in size with its acquisition (PDF) of women’s health leader Organon. With its $11.75 billion buyout, Sun has picked up a drugmaker that matched the $6.2 billion in sales that it generated in 2025. Sun is paying $14 per share, which is a 24% premium on Organon’s closing price on Friday. It is also a more than 100% premium on Organon’s share price at the start of April. With the agreement, which is expected to close by early 2027, Sun’s stock increased by 7%, while Organon’s jumped by 17%. The deal, which is the largest ever by an Indian biopharma, the company said, will boost Sun’s portfolio of innovative medicines and will catapult it to No. 7 among the world’s top sellers of biosimilars, the company said in its release. While Indian companies are exempt from paying tariffs on the generic products they export to the United States, Sun’s U.S. sales have declined recently, prompting it to boost its presence in branded products and biosimilars. Organon’s stock had been weighed down by “heavy headwinds,” according to Evercore ISI analyst Umer Raffat, citing the New Jersey company’s debt, its oncoming loss of exclusivity of contraceptive implant Nexplanon and its “bad M&A to digest,” which is a reference to Organon’s $1.2 billion 2024 buyout of Dermavant. The acquisition brought non-steroid skin cream Vtama, which achieved sales of $128 million in 2025, coming up short of the $150 million target the company set at the start of the year. Since it was spun out of Merck in 2021, Organon’s sales have been stagnant, toggling between $6.2 billion and $6.4 billion for each of the last four years. The company, however, brings “excellent people from Merck” and an “excellent set of legacy Merck brands,” Raffat wrote in his note to clients. Source: https://www.fiercepharma.com/pharma/sun-pharma-strikes-biopharmas-largest-deal-26-1175b-buyout-organon

ABBOTT PARK, Ill., March 23, 2026 /PRNewswire/ — Abbott (NYSE: ABT) today announced it has completed the acquisition of Exact Sciences, establishing Abbott as a leader in fast-growing cancer screening and diagnostics segments and enabling the company to serve millions of additional people. “Abbott’s global scale, track record of operational and commercial excellence and work with healthcare systems around the world will expand access to important tools for early cancer detection and personalized treatments,” said Robert B. Ford, chairman and chief executive officer, Abbott. “With the legacy and deep expertise of the Exact Sciences team, we’re ready to transform cancer care.” Pursuant to the terms of the merger agreement, upon completion of the acquisition, Exact Sciences became a wholly owned subsidiary of Abbott. As a result of the completion of the acquisition, March 20, 2026, was the last day of trading of Exact Sciences shares on the Nasdaq Stock Market. Strategic fit The transaction positions Abbott to advance diagnostics that are more preventative, predictive and personalized while expanding the company’s presence in one of the fastest-growing areas of healthcare as global cancer incidence continues to rise. It also adds a new growth vertical to Abbott’s already high-single-digit growth expectations, establishing leadership in the fast-growing $60 billion U.S. cancer screening and precision oncology diagnostics segments. Industry-leading offerings and pipeline Abbott now has a comprehensive suite of products and differentiated pipeline focused on the early detection of cancer and supporting personalized treatments. This includes the Cologuard® test, a market-leading noninvasive colorectal cancer screening option; Oncotype DX®, which informs personalized treatment decisions for patients with early-stage breast cancer; Oncodetect®, a tumor-informed molecular residual disease (MRD) test to help identify cancer recurrence and guide follow-up care; and Cancerguard®, a multi-cancer early detection blood test. Abbott also adds a leading pipeline of next-generation cancer screening and diagnostics designed to detect cancer even earlier, optimize treatment decisions and enable regular monitoring to help people stay healthy and better manage the disease. About Abbott Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 122,000 colleagues serve people in more than 160 countries. Connect with us at abbott.com and on LinkedIn, Facebook, Instagram, X and YouTube. Source: https://abbott.mediaroom.com/2026-03-23-Abbott-completes-acquisition-of-Exact-Sciences

Obsidian Therapeutics and Galera are merging to form a Nasdaq-listed cell therapy company backed by a $350 million private placement, aiming to advance OBX-115, a next-generation TIL therapy. Obsidian Therapeutics and Galera Therapeutics agreed to merge in an all-stock transaction backed by $350 million in new financing. The merger is set to create a publicly traded cell therapy company focused on advancing a next-generation tumor infiltrating lymphocyte therapy for melanoma and lung cancer. The two companies will become wholly owned subsidiaries of a newly formed combined entity that will operate under the name Obsidian Therapeutics and will apply to trade on Nasdaq under the ticker symbol “OBX.”1 The transaction is expected to close by the third quarter of 2026 and is subject to stockholder approvals and customary conditions. Madan Jagasia, Obsidian’s current CEO, is set to lead the combined company.1 Supporting the merger is an oversubscribed $350 million private placement from a syndicate of new and existing investors including Balyasny Asset Management, Redmile, RA Capital Management, Novo Holdings, Wellington Management, and others.1 The combined company’s cash position is expected to fund operations into the second half of 2028 and through key clinical milestones for Obsidian’s lead asset OBX-115. At closing, pre-merger Obsidian stockholders are expected to own approximately 53.2% of the combined company, private placement investors approximately 45%, and pre-merger Galera stockholders approximately 1.8%.1 What is OBX-115?OBX-115 is Obsidian’s lead engineered TIL cell therapy, currently in a Phase II trial for advanced melanoma and a Phase I trial for non-small cell lung cancer. It is built on Obsidian’s cytoDRIVE platform and is designed to address key limitations of existing TIL therapies.2 Conventional TIL therapies require high-dose interleukin-2, a toxic cytokine administered to help transplanted cells survive, and inpatient lymphodepletion before infusion. OBX-115 incorporates regulatable membrane-bound IL15, which drives TIL persistence and eliminates the need for IL2, enabling outpatient administration with low-dose lymphodepletion.1 The therapy can also be manufactured from tumor tissue obtained through a minimally invasive core needle biopsy rather than a surgical procedure, lowering the procedural burden on patients. FDA has granted OBX-115 both Fast Track and Regenerative Medicine Advanced Therapy designations for unresectable or metastatic melanoma resistant to immune checkpoint inhibitors.2 “At Obsidian, we are striving to deliver a best-in-class TIL cell therapy developed using our proprietary protein-regulation technology,” said Madan Jagasia, CEO of Obsidian. “We believe OBX-115 offers an opportunity to provide patients with an improved TIL product and patient experience. This transaction and the support from leading life sciences investors will allow us to advance our development plans for OBX-115 in melanoma and NSCLC.” Key upcoming milestones include Phase I data from the NSCLC trial expected in the first half of 2027 and topline data from the melanoma registration-enabling trial by year-end 2027. What does Galera bring to the combination?Galera contributes its Nasdaq listing and cash, providing the vehicle for Obsidian to access public markets. Galera stockholders will retain a contingent value right entitling them to 95% of future milestone proceeds for up to ten years from Galera’s October 2025 asset purchase agreement with Biossil.ai for its dismutase mimetics program.1 J. Mel Sorensen, CEO of Galera, said: “We believe this transaction with Obsidian is the best path forward for Galera and look forward to the combined company’s success. Obsidian’s pipeline of novel engineered TIL cell therapies and its promising lead product candidate, OBX-115, offer near-term, value creating milestones for Galera stockholders.” Source: https://www.pharmexec.com/view/obsidian-therapeutics-galera-therapeutics-enter-350-million-merger-agreement

Capstone Hotel Management and Marsden Group have completed their merger, creating New Zealand’s largest locally owned hotel management platform, with over 40 properties nationwide. The merger combines Capstone’s third-party hotel management expertise with Marsden Group’s capital strength and hospitality investment portfolio, positioning the group to compete directly with international operators and accelerate growth through acquisitions, management agreements, and a stronger presence across regional and metropolitan markets. As part of the transaction, Capstone Hotels & Resorts Limited forms part of the enlarged Marsden Group, operating within a unified group structure. Capstone Hotels & Resorts Limited continues operating as a distinct brand within the expanded group, preserving its identity and management philosophy while benefiting from greater national reach and shared executive capability. Sajad Bassam is appointed chief executive officer of the combined group, with founder of Capstone, Clare Davies retaining an equity stake in the business and serving as chief operating officer, while also sitting on the boards of both Capstone and Marsden Group. “As international hotel operators expand into New Zealand, independent platforms need scale to compete effectively,” Bassam said. “With Capstone, we are creating a stronger, more scalable group that can pursue opportunities with confidence and deliver long-term value for our owners and partners. Our growth will focus on targeted acquisitions, expanded management agreements, and new development partnerships in key regional and gateway markets.” “It’s an exciting milestone for our business,” Davies said. “Our focus is on delivering a seamless integration across our systems, people and operating platforms, ensuring continued performance across the portfolio. For our owners and guests, this represents a strengthening of capability behind the scenes, while maintaining complete continuity.” The merger of Capstone Hotel Management and Marsden Group is effective 1 April 2026. The enlarged platform brings together national sales capability, consolidated revenue management infrastructure, and enhanced procurement leverage across the combined portfolio. With a national network of approximately 45 properties and more than 2,500 rooms under management and investment oversight, the group has the scale to attract institutional partners, develop strategic relationships, and support sustainable portfolio expansion. Marsden Group’s portfolio of five brands includes Marsden Hotels & Resorts, Ramada, Wyndham Garden, Microtel by Wyndham and now Capstone Hotels & Resorts. Source: https://travelweekly.com.au/capstone-and-marsden-group-merge-to-form-new-zealands-largest-independent-hotel-platform/

The merger creates a 45-property platform with 2,500+ rooms, combining Capstone’s management expertise with Marsden’s capital to compete with international operators. Capstone Hotel Management and Marsden Group are pleased to announce the successful completion of their merger, creating New Zealand’s largest locally owned hotel management platform, with over 40 properties nationwide. The merger combines Capstone’s third-party hotel management expertise with Marsden Group’s capital strength and hospitality investment portfolio, positioning the group to compete directly with international operators and accelerate growth through acquisitions, management agreements, and a stronger presence across regional and metropolitan markets. As part of the transaction, Capstone Hotels & Resorts Limited forms part of the enlarged Marsden Group, operating within a unified group structure. Capstone Hotels & Resorts Limited will continue operating as a distinct brand within the expanded group, preserving its identity and management philosophy while benefiting from greater national reach and shared executive capability. Sajad Bassam is appointed Chief Executive Officer of the combined group, with Founder of Capstone, Clare Davies retaining an equity stake in the business and serving as Chief Operating Officer, while also sitting on the boards of both Capstone and Marsden Group. Sajad Bassam said the merger was about building a platform for strategic long-term growth in New Zealand. “As international hotel operators expand into New Zealand, independent platforms need scale to compete effectively. With Capstone, we are creating a stronger, more scalable group that can pursue opportunities with confidence and deliver long-term value for our owners and partners. Our growth will focus on targeted acquisitions, expanded management agreements, and new development partnerships in key regional and gateway markets,” said Sajad. Clare Davies said the immediate focus was on people and integration. “It’s an exciting milestone for our business. Our focus is on delivering a seamless integration across our systems, people and operating platforms, ensuring continued performance across the portfolio. For our owners and guests, this represents a strengthening of capability behind the scenes, while maintaining complete continuity,” said Clare. The merger of Capstone Hotel Management and Marsden Group is effective 1 April 2026. The enlarged platform brings together national sales capability, consolidated revenue management infrastructure, and enhanced procurement leverage across the combined portfolio. With a national network of approximately 45 properties and more than 2,500 rooms under management and investment oversight, the group has the scale to attract institutional partners, develop strategic relationships, and support sustainable portfolio expansion. Marsden Group’s portfolio of five brands includes Marsden Hotels & Resorts, Ramada, Wyndham Garden, Microtel by Wyndham and now Capstone Hotels & Resorts. Source: https://www.hospitalitynet.org/news/4131562/capstone-hotel-management-and-marsden-group-merge-to-form-new-zealands-largest-independent-hotel-platform