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Johnson & Johnson’s Massive Acquisition of Shockwave Medical – Merger Arbitrage Mondays

  • April 8, 2024

Shockwave Medical (SWAV): $326.34

Deal Size: $13.1 B

After a relatively quiet March, deal activity picked up significantly last week with each new deal announced turning out to be larger than the last one and finally culminating in Johnson & Johnson’s (JNJ) acquisition of Shockwave Medical (SWAV). The premium paid (30 day average) for this $13.1 billion all cash deal was just 19.79% but this premium was impacted by the fact that rumors of a deal surfaced on March 26 and the deal was actually confirmed about a week later.

Shockwave Medical Stock Chart

When I was visiting my parents last year, my mom was complaining about chest pains. A cardiologist told us that she had a severely calcified valve in her heart that needed to be replaced. Leaving the valve untreated would at some point result in complete blockage of blood flow and heart failure.

I extended my stay and instead of open heart surgery she underwent a minimally invasive procedure called transcatheter aortic valve replacement (TAVR)  to replace the valve. Much to our relief, she recovered fully after the procedure. When I read about Shockwave’s business, I was reminded of the TAVR procedure because Shockwave Medical has developed products that use sonic pressure waves to disrupt calcified plaque in arteries both for the treatment of cardiovascular diseases as well as occlusive peripheral arterial disease.

It was interesting to see that Shockwave’s treatments are also used to clear a path for the heart valve replacement TAVR procedure. Johnson & Johnson must be quite confident that they would be able to get this deal over the finish line quickly and indicated that they expect to close the deal by mid-2024.

We added the deal in our Merger Arbitrage Tool (MAT) with a closing date of 6/30/2024 but after an email exchange with a fund manager who rightfully pointed out that it would be very difficult to arrange a shareholder vote in such a short period of time, we have adjusted the closing date for the deal to 7/31/2024 for now. The spread on the deal is just 2.85% but if the deal can close by the end of July, the annualized return works out to 8.48%.

While the Shockwave deal is interesting, the bigger and more interesting story is the pre-merger situation with Paramount Global (PARA), which has had many unpleasant twists and turns as discussed in our “Deals in the Works” section below. The latest iteration of the deal appears to favor the Redstone family instead of the common shareholders of Paramount and is another reminder of why dual classes of shares can create difficult situations for investors.


M&A activity increased last week with five new deals announced and nine deals completed.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) which automatically updates itself during market hours.

Merger Arbitrage

Deal Statistics:

Total Number of Deals Closed in 202441
Total Number of Deals Not Completed in 20245
Total Number of Pending Deals
Cash Deals43
Stock Deals16
Stock & Cash Deals4
Special Conditions9
Total Number of Pending Deals72
New Deals Announced in 2024$211.20 billion

New Deals:

  1. ADTH: The acquisition of AdTheorent Holding Company, Inc. (ADTH) by Cadent, LLC for $324 million. Under the terms of the agreement, AdTheorent will acquire AdTheorent at a price of $3.21 per share in cash.
  2. NVEI: The acquisition of Nuvei Corporation (NVEI) by Advent International for $6.3 billion. Under the terms of the agreement, Advent will acquire all the shares of Nuvei for a price of $34.00 per share in cash.
  3. CHX:  The acquisition of ChampionX Corporation (CHX) by Schlumberger Limited (SLB) for a closing value of $8.22 billion in an all stock deal. Under the terms of the agreement, ChampionX shareholders to receive 0.735 SLB shares for each share of ChampionX.
  4. EDR:  The acquisition of Endeavor Group Holdings, Inc. (EDR) by Silver Lake for for $13 billion. Under the terms of the agreement, Silver Lake will be acquiring Endeavor at a price of $27.50 per share in cash.
  5. SWAV:  The acquisition of Shockwave Medical, Inc. (SWAV) by Johnson & Johnson (JNJ) for a closing value of $13.1 billion. Under the terms of the agreement, Johnson & Johnson will acquire all outstanding shares of Shockwave for $335.00 per share in cash.

Approvals:

  1. MDC: On April 2, 2024,  M.D.C. Holdings (MDC) announced that the shareholders have approved their merger with Sekisui House (SKHSY). MDC expects to complete the transaction in the second quarter of 2024.
  2. JNPR: On April 2, 2024, Juniper Networks (JNPR) announced that the shareholders have approved their merger with Hewlett Packard Enterprise (HPE). The merger is expected to complete in late 2024 or early 2025.
  3. EGLE: On April 5, 2024, Eagle (EGLE) announced that its shareholders approved their merger with Star Bulk (SBLK). The merger is expected to complete on April 9, 2024.
  4. TCN: On April 5, 2024, Tricon International (TCNannounced that the Ontario Superior Court of Justice has approved the company’s merger with Blackstone.

Hurdles

  1. X: According to Reuters, the Union representing employees of United States Steel Corp.(X) said that it would not support Japanese firm Nippon Steel’s draft agreement to gain support for its takeover of the U.S. company. The Union also said that while Nippon has made several commitments, including not laying off employees through September 1, 2026 and defending U.S. Steel against unfair foreign trade, the letter “does not provide a meaningful basis for a resolution of the ongoing dispute.”
  2. AXNX: On April 4, 2024, Boston Scientific (BSX) and Axonics (AXNX) received a request for additional information (the “Second Request”) from the U.S. Federal Trade Commission (the “FTC”) in connection with the FTC’s review of the Merger. It is now expected that the merger would be completed by the second half of 2024 .
  3. SWN: On April 5, 2024, Southwestern Energy Company (SWN) and Chesapeake Energy Corporation (CHKreceived a request for additional information and documentary material (the “Second Request”) from the FTC. The merger is now expected to close in the second half of 2024.

Updates:

  1. HES: On March 28, 2024, Hess Corp (HES) and Chevron Corp (CVXannounced that the merger is expected to close by mid-2024.
  2. HA: On April 1, 2024, Hawaiian Holdings (HAfiled a definitive proxy statement. The Annual Meeting of shareholders will be held on May 15, 2024.
  3. SCTL: As per NasdaqTrader, the tender offer by CoreRx, Inc. to acquire all of the outstanding common stock of Societal CDMO, Inc. (SCTL) is scheduled to expire on April 5, 2024, unless extended or terminated. The subsequent merger is expected to complete on April 8, 2024.
  4. SCX: On April 2, 2024,  L.S. Starrett Company (SCX) and MiddleGround Capital filed their preliminary proxy statement. The merger is expected to close in mid-2024.
  5. CTLT: On April 3, 2024, Catalent (CTLT) by Novo Nordisk (NVO) filed their preliminary proxy statement. On March 4, 2024, Catalent and the Novo filed HSR forms with the Antitrust Division and FTC. Following FTC discussions, Novo withdrew and refilled its HSR filing on April 2, 2024, as agreed with Catalent. The Merger is expected to close towards the end of 2024.
  6. WRK: On April 3, 2024,  Smurfit Kappa (SMFTFannounced the closing of its Green Bond Offering. The net proceeds of this offering will be used in part to finance Smurfit Kappa’s merger with WestRock Company (WRK).
  7. NS: On April 3, 2024, NuStar Energy (NS) filed a definitive proxy statement. The special meeting of shareholders will be held on May 1, 2024. The merger is expected to complete in the second quarter of 2024.
  8. CTLT: On April 6, 2024, Bloomberg reported that Ares Management and Blue Owl Capital are spearheading a consortium of private credit lenders to provide $4.8 billion in debt financing for the acquisition of pharmaceuticals manufacturer Catalent (CTLT). This financing is intended to support the $16.5 billion acquisition of Catalent by Novo Holdings, the controlling shareholder of weight loss drugmaker Novo Nordisk (NVO). The funding package comprises a $4.2 billion term loan and a $575 million revolving line of credit.

Closed Deals:

  1. AMNB: The acquisition of American National Bankshares (AMNB) by Atlantic Union Bankshares Corporation (AUB) was completed on April 1, 2024. It took 251 days for this deal to be completed.
  2. CPE: The acquisition of Callon Petroleum Company (CPE) by APA Corporation (APA) was completed on April 1, 2024. It took 88 days for this deal to be completed.
  3. CWBC: The acquisition of Community West Bancshares (CWBC) and Central Valley Community Bancorp (CVCY) was completed on April 1, 2024. It took 173 days for this deal to be completed.
  4. CCLP: The acquisition of CSI Compressco (CCLP) by Kodiak Gas Services (KGS) was completed on April 1, 2024. It took 104 days for this deal to be completed.
  5. CSTR: The acquisition of CapStar Financial Holdings, Inc. (CSTR) by Old National Bancorp (ONB) was completed on April 1, 2024. It took 158 days for this deal to be completed.
  6. DSKE: The acquisition of Daseke (DSKE) by TFI International (TFII) was completed on April 1, 2024. It took 101 days for this deal to be completed.
  7. MIXT: The business combination between MiX Telematics Limited (MIXT) and PowerFleet, Inc. (PWFL) was completed on April 2, 2024. It took 175 days for this deal to be completed.
  8. KNTE The acquisition of Kinnate Biopharma Inc. (KNTE) by XOMA Corporation (XOMA) was completed on April 3, 2024. It took 47 days for this deal to be completed.
  9. NGM:  The acquisition of NGM Biopharmaceuticals (NGM) by The Column Group was completed on April 5, 2024. It took 39 days for this deal to be completed.

Weekly Spread Changes:

The table below shows weekly spread changes between April 1, 2024, and April 5, 2024.

SymbolQuoteAcquiring
Company
Acquiring
Company Quote
Current
Spread
Last Week
Spread
Spread Change
Weekly
Deal
Type
HMST13.865Firstsun Capital Bancorp. (FSUN)35.7011.88%3.49%8.39%All Stock
CPRI43.75Tapestry, Inc. (TPR)42.9330.29%25.83%4.46%All Cash
WRK48.9Smurfit Kappa (SMFTF)46.054.40%0.81%3.59%Cash Plus Stock
SMMF26.03Burke & Herbert Financial Services Corp. (BHRB)556.56%3.16%3.40%All Stock
ACI21.03The Kroger Co. (KR)57.3129.58%27.10%2.48%Special Conditions
CALB21.77Southern California Bancorp (BCAL)14.515.98%7.65%-1.67%All Stock
NS22.84Sunoco LP (SUN)58.111.77%3.64%-1.87%All Stock
GAN1.37Sega Sammy Creation Inc. (N/A)43.80%55.12%-11.32%All Cash
SDPI1.12Drilling Tools International Corp. (DTI)4.62-10.71%9.41%-20.12%Special Conditions
BATL6.5Fury Resources, Inc. (N/A)50.77%73.14%-22.37%All Cash

Top 10 Merger Arbitrage Deals With The Largest Spreads:l

Please do your own due diligence on deals with large spreads. Some of these large spreads might be related to regulatory issues or because of the way the deal is structured. We classify some of these deals as “special situation” deals in our merger arbitrage tool and provide additional details to help with the analysis. There may be unique situations related to special dividends, spinoffs, proration, etc. that need to be accounted for when looking at these spreads.

SymbolAnnounced
Date
Acquiring
Company
Closing
Price
Last
Price
Closing
Date
ProfitAnnualized
Profit
BATL12/15/2023Fury Resources, Inc. (N/A)$9.80$6.506/12/202450.77%285.09%
GAN11/07/2023Sega Sammy Creation Inc. (N/A)$1.97$1.3712/31/202443.80%59.87%
HA12/03/2023Alaska Air Group, Inc. (ALK)$18.00$13.1406/30/202536.99%30.13%
X12/18/2023Nippon Steel (NISTF)$55.00$41.2209/30/202433.43%69.73%
CPRI08/10/2023Tapestry, Inc. (TPR)$57.00$43.7506/30/202430.29%133.18%
ACI10/14/2022The Kroger Co. (KR)$27.25$21.0308/17/202429.58%82.41%
DFS02/19/2024Capital One Financial Corporation (COF)$146.28$125.8601/31/202516.22%19.87%
ANSS01/16/2024Synopsys (SNPS)$395.23$341.706/30/202515.67%12.76%
FFNW01/11/2024Global Federal Credit Union (N/A)$23.18$20.55512/31/202412.77%17.46%
CTLT02/05/2024Novo Nordisk (NVO)$63.50$56.7512/31/202411.89%16.26%

Deals In The Works

  1. HUBS: According to Reuters, Google parent Alphabet (GOOGL) has been talking to its advisers about the possibility of making an offer for HubSpot (HUBS).
  2. ASXC: Asensus Surgical (ASXC) has signed a non-binding letter of intent with Germany based KARL STORZ to explore a potential acquisition. KARL STORZ proposed to purchase all outstanding shares of Asensus’ common stock for $0.35 per share in cash. The agreement includes a ten week exclusivity period during which Asensus will not engage in negotiations for alternative transactions.

Update

  1. SPR: Reuters reported Boeing (BA) and Airbus are edging towards a potentially coordinated deal to split operations of troubled supplier Spirit AeroSystems (SPR) taking on plants needed to support their top jet programs.
  2. PARA: According to WSJ, members of Paramount Global’s (PARA) board agreed to enter exclusive merger discussions with Skydance, favoring it over a recent $26 billion all-cash offer from private-equity firm Apollo Global Management. Under the terms of a deal being discussed between Shari Redstone’s National Amusements and Skydance, Redstone’s firm would receive more than $2 billion in cash as part of the first step of the transaction. After the National Amusements deal, Paramount (PARA), would acquire Skydance in an all-stock deal valued at about $5 billion.

SPAC Arbitrage:

Completed

  1. MCAF: On March 30, 2024, Mountain Crest Acquisition Corp. IV (MCAF) and CH-AUTO TECHNOLOGY CORPORATION complete their business combination.
  2. ASCA: On April 3, 2024, NewGenIvf Limited and A SPAC I Acquisition Corp. (ASCA) announced the completion of their business combination.

Terminated

  1. MBTC: On April 1, 2024, Nocturne Acquisition Corporation (MBTCterminated its business combination with Cognos Therapeutics.

List of all pending Merger Arbitrage deals:

TargetAnnounced
Date
AcquirerDeal
Type
Closing
Value
Deal
Price
Last
Price
Target VolumeEstimated
Closing Date
ReturnAnnualized
Return
+BATL12/15/23Fury Resources, Inc. (N/A)All Cash$450 M$9.80$6.536,9226/12/2450.77%285.09%
+GAN11/07/23Sega Sammy Creation Inc. (N/A)All Cash$85.73 M$1.97$1.3782,15212/31/2443.80%59.87%
+HA12/03/23Alaska Air Group, Inc. (ALK)All Cash$1.19 B$18.00$13.14286,7246/30/2536.99%30.13%
+X12/18/23Nippon Steel (NISTF)All Cash$14.9 B$55.00$41.221,633,9929/30/2433.43%69.73%
+CPRI8/10/23Tapestry, Inc. (TPR)All Cash$8.5 B$57.00$43.751,036,1516/30/2430.29%133.18%
+ACI10/14/22The Kroger Co. (KR)Special Conditions$24.6 B$27.25$21.033,122,4358/17/2429.58%82.41%
+DFS2/19/24Capital One Financial Corporation (COF)All Stock$35.3 B$146.28$125.86975,9921/31/2516.22%19.87%
+ANSS1/16/24Synopsys (SNPS)Cash Plus Stock$35 B$395.23$341.7283,5546/30/2515.67%12.76%
+FFNW1/11/24Global Federal Credit Union (N/A)Special Conditions$231.2 M$23.18$20.55514,82312/31/2412.77%17.46%
+CTLT2/05/24Novo Nordisk (NVO)All Cash$16.5 B$63.50$56.751,087,49612/31/2411.89%16.26%
+HMST1/16/24Firstsun Capital Bancorp. (FSUN)All Stock$277.15 M$15.51$13.86548,7896/30/2411.88%52.23%
+OLK10/17/23Thermo Fisher Scientific Inc. (TMO)All Cash$3.1 B$26.00$23.26167,9476/30/2411.78%51.80%
+CNSL10/16/23Searchlight Capital Partners and British Columbia Investment Management Corporation (N/A)All Cash$3.1 B$4.70$4.31373,3111/15/259.05%11.71%
+AMED6/26/23UnitedHealth Group Incorporated (UNH)All Cash$3.8 B$101.00$92.66209,8193/31/249.00%0.00%
+JNPR1/09/24Hewlett Packard Enterprise (HPE)All Cash$14.31 B$40.00$37.072,012,4573/31/257.90%8.08%
+CERE12/06/23AbbVie Inc. (ABBV)All Cash$8.7 B$45.00$42.155976,8406/30/246.75%29.68%
+SMMF8/25/23Burke & Herbert Financial Services Corp. (BHRB)All Stock$371.5 M$27.74$26.0338,5703/31/246.56%0.00%
+CALB1/30/24Southern California Bancorp (BCAL)All Stock$100.21 M$23.07$21.777,3689/30/245.98%12.46%
+NVEI4/01/24Advent International (N/A)All Cash$6.3 B$34.00$32.152,244,1031/31/255.75%7.05%
+VZIO2/20/24Walmart Inc. (WMT)All Cash$1.88 B$11.50$10.881,834,71012/31/245.70%7.79%
+AEL7/05/23Brookfield Reinsurance (BNRE) (BAM)Cash Plus Stock$4.3 B$59.39$56.29500,5306/30/245.51%24.25%
+STER2/29/24First Advantage Corporation (FA)Special Conditions$2.2 B$16.73$15.895608,8069/30/245.25%10.96%
+HES10/23/23Chevron Corporation (CVX)All Stock$60 B$165.64$157.452,036,9236/30/245.20%22.87%
+AXNX1/08/24Boston Scientific Corporation (BSX)All Cash$3.17 B$71.00$67.861,396,30812/31/244.63%6.33%
+WRK9/12/23Smurfit Kappa (SMFTF)Cash Plus Stock$23.24 B$51.05$48.91,209,2466/30/244.40%19.34%
+EDR4/02/24Silver Lake (N/A)All Cash$13 B$27.50$26.377,009,5933/31/254.29%4.38%
+DOMA3/28/24Title Resources Group (N/A)All Cash$179.43 M$6.29$6.0558,75312/31/243.97%5.42%
+SP10/05/23Metropolis Technologies, Inc. (N/A)All Cash$1.9 B$54.00$52113,04612/31/243.85%5.26%
+ETRN3/11/24EQT Corporation (EQT)All Stock$9.1 B$12.78$12.315,518,62512/31/243.84%5.25%
+TGAN1/11/24Renesas Electronics Corporation (N/A)All Cash$311.67 M$5.10$4.9256,70212/31/243.66%5.00%
+HOLI12/11/23Ascendent Capital Partners (N/A)All Cash$1.66 B$26.50$25.57130,8076/30/243.64%15.99%
+ICLK11/24/23TSH Investment Holding Limited (N/A)All Cash-$12.92 M$4.08$3.942,6893/31/243.55%0.00%
+PXD10/11/23Exxon Mobil Corporation (XOM)All Stock$64.5 B$281.99$272.781,870,7636/30/243.38%14.85%
+SWN1/11/24Chesapeake Energy Corporation (CHK)All Stock$7.4 B$7.76$7.5118,053,67512/31/243.35%4.58%
+CHX4/02/24Schlumberger Limited (SLB)All Stock$8.22 B$40.45$39.357,177,99312/31/242.79%3.81%
+SWAV4/05/24Johnson & Johnson (JNJ)All Cash$13.1 B$335.00$326.3412,437,9967/31/242.65%8.50%
+CVLY12/12/23Orrstown Financial Services, Inc. (ORRF)All Stock$207 M$22.39$21.8212,3109/30/242.62%5.46%
+FNCB9/27/23Peoples Financial Services Corp. (PFIS)All Stock$129 M$5.69$5.5618,5069/30/242.31%4.81%
+VIA1/02/24Retailco, LLC (N/A)All Cash$190 M$11.00$10.772,2626/30/242.14%9.39%
+MGRC1/29/24WillScot Mobile Mini Holdings (WSC)Special Conditions$3.8 B$123.00$120.46243,8446/30/242.11%9.27%
+TARO1/17/24Sun Pharmaceutical Industries (N/A)All Cash$257.34 M$43.00$42.1328,7286/30/242.07%9.08%
+NS1/22/24Sunoco LP (SUN)All Stock$7.3 B$23.24$22.84594,8246/30/241.77%7.78%
+DOOR2/09/24Owens Corning (OC)All Cash$3.9 B$133.00$130.75487,1506/30/241.72%7.57%
+NGMS5/14/23Aristocrat Leisure Limited (ALL.AX)All Cash$1.2 B$29.50$29.005242,9685/14/241.71%17.30%
+NWLI10/09/23Prosperity Life Group (N/A)All Cash$1.9 B$500.00$491.9253,3806/30/241.64%7.22%
+SCX3/11/24MiddleGround Capital (N/A)All Cash$132.46 M$16.19$15.9323,3946/30/241.63%7.18%
+TDCX3/01/24Transformative Investments Pte Ltd (N/A)All Cash$663.36 M$7.20$7.149,9406/30/241.41%6.19%
+FREE2/13/24Sababa Holdings (N/A)All Cash$593.91 M$4.88$4.815377,6946/30/241.35%5.94%
+CATC9/19/23Eastern Bankshares, Inc. (EBC)All Stock$528 M$64.77$63.9927,0974/15/241.23%63.96%
+HAYN2/05/24North American Stainless (N/A)All Cash$970 M$61.00$60.4474,7859/30/240.93%1.93%
+ERF2/21/24Chord Energy Corporation (CHRD)Cash Plus Stock$3.63 B$20.54$20.35959,5096/30/240.92%4.04%
+ZFOX2/06/24Haveli Investments (N/A)All Cash$350 M$1.14$1.13138,1096/30/240.88%3.89%
+MOR2/05/24Novartis AG (NVS)All Cash$2.90 B$18.28$18.12283,4896/30/240.88%3.88%
+TCN1/19/24Blackstone (BX)All Cash$3.5 B$11.25$11.161,437,2396/30/240.81%3.55%
+LBAI9/27/22Provident Financial Services, Inc. (PFS)All Stock$1.3 B$11.97$11.88664,4096/30/240.77%3.37%
+TAST1/16/24Restaurant Brands International (QSR)All Cash$1 B$9.55$9.48344,5876/30/240.74%3.25%
+VERY10/03/23iA American Holdings, Inc. (N/A)All Cash$170 M$11.43$11.371,7746/30/240.53%2.32%
+SCTL2/28/24CoreRx, Inc. (N/A)All Cash$306.21 M$1.10$1.095512,7034/30/240.46%7.58%
+EVBG2/05/24Thoma Bravo (N/A)All Cash$1.5 B$35.00$34.87557,4576/30/240.37%1.64%
+HRT2/16/24General Atlantic and Stone Point Capital (N/A)All Cash$1.65 B$14.35$14.3118,6686/30/240.35%1.54%
+KAMN1/19/24Arcline Investment Management (N/A)All Cash$1.8 B$46.00$45.85231,7276/30/240.33%1.44%
+MDC1/18/24Sekisui House, Ltd. (SKHSY)All Cash$4.83 B$63.00$62.872,458,3026/30/240.21%0.91%
+EGLE12/11/23Star Bulk Carriers Corp. (SBLK)All Stock$947.77 M$62.59$62.6448,3106/30/24-0.01%-0.06%
+ADTH4/01/24Cadent LLC (N/A)All Cash$324 M$3.21$3.221,960,4299/30/24-0.31%-0.65%
+AGTI2/26/24Thomas H. Lee Partners, L.P (N/A)All Cash$2.5 B$10.00$10.041,316,5576/30/24-0.40%-1.75%
+FUSN3/19/24AstraZeneca (AZN)Special Conditions$2.4 B$21.00$21.34,507,6086/30/24-1.41%-6.19%
+RAIN12/13/23Pathos AI, Inc. (N/A)Special Conditions-$35.53 M$1.16$1.2100N/A1/31/24-4.13%22.18%
+LABP3/25/24AbbVie Inc. (ABBV)Special Conditions90.65 M$20.42$21.4827,9996/30/24-4.93%-21.70%
+SIX11/02/23Cedar Fair, L.P. (FUN)All Stock$4.86 B$23.92$25.32457,0036/30/24-5.53%-24.33%
+SDPI3/07/24Drilling Tools International Corp. (DTI)Special Conditions$32.3 M$1.00$1.12148,1269/30/24-10.71%-22.35%
+INBX1/23/24Sanofi (SNY)Special Conditions$2.2 B$30.00$34.95217,1476/30/24-14.16%-62.28%
+ASTR3/08/24Chris Kemp, Astra’s Co-founder, CEO and Chairman, and Dr. Adam London, Astra’s Co-founder, CTO and Director (N/A)All Cash$15.11 M$0.50$0.6821139,4406/30/24-26.70%-117.40%

Disclaimer: I hold long positions in First Financial Northwest (FFNW), Cerevel Therapeutics (CERE) and Capri (CPRI). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.