Merger activity decreased last week with six new deals announced and six deals completed. One of the deals announced last week was a potential deal in the works.
Beyond the standard M&A related news, an event that stood out last week was Elon Musk selling an additional $6.89 billion of Tesla (TSLA) stock just in case he was forced to perform on the Twitter (TWTR) deal by the Delaware Chancery Court. It was also interesting to see Chicken Soup for the Soul Entertainment (CSSE) close its acquisition of Redbox Entertainment just 92 days after announcing the deal. For much of the time after the deal was announced, Redbox traded at a massive premium to the deal price but it was near impossible to find enough shares to short the stock.
Global Blood Therapeutics (GBT)
Incorporated in 2011 and headquartered in South San Francisco, California, Global Blood Therapeutics is a biopharmaceutical company that engages in the treatment for underserved patient communities with sickle cell disease (SCD).
Sickle cell disease is an inherited blood disorder caused by a defective gene, called the sickle cell gene. It results in an abnormality in the oxygen-carrying protein haemoglobin found in red blood cells, which restricts blood flow through the body and can lead to serious problems, including stroke, eye problems, infections, and episodes of pain called pain crises. Stem cell or bone marrow transplants are the only cure for sickle cell disease, but are not done very often because of the significant risks involved.