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Crinetics Gains on Vertex Deal, Solstice Acquire Element, Terawulf Jumps
Description
Today's biggest winners and losers in the stock market, a look at the notable movers:
On this episode of Stock Movers:
- Vertex Pharmaceuticals (VRTX) agreed to buy Crinetics Pharmaceuticals (CRNX) for $10 billion in cash to expand into endocrinology, including medicines for acromegaly and hormone disorders. The purchase price of $85 per share is a 102% premium over where Crinetics shares closed on Monday. The deal, which has been approved by both boards, is expected to close in the third quarter.
- Honeywell International spinoff Solstice Advanced Materials (SOLS) will acquire Element Solutions in a cash-and-stock deal valued at about $14.5 billion, creating a market leader in the specialty chemicals sector. Element shareholders will receive $10 in cash and half a share of Solstice stock for each Element share, according to a statement Monday. That represents an implied value of about $50.10 per Element share, for a premium of roughly 15% over its July 2 closing price.
- TeraWulf (WULF) shares rose as much as 19%, the most since February, after it signed a 20-year lease with Anthropic for its Justified Data campus in Kentucky and agreed to sell its majority stake in the Abernathy joint venture to a Fluidstack-led investor group.
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