By Ben Glickman
Pharmaceutical giant AbbVie has announced its plans to acquire neuroscience-drug maker Cerevel Therapeutics for approximately $8.7 billion. This acquisition comes at a premium of 22% based on the Wednesday closing price of $36.93 per share, with the purchase price set at $45 per share.
The news has resulted in a significant boost to Cerevel Therapeutics’ stock, with shares rising 16% to $42.69 in after-hours trading.
Nogin Enters Chapter 11 Bankruptcy Proceedings with Backing from B. Riley Financial
E-commerce technology company Nogin has entered into Chapter 11 bankruptcy proceedings, but with the backing and support of B. Riley Financial. The company reassures customers that there will be no interruptions to its services as it undergoes financial restructuring, which aims to bring stability and pave the way for future growth.
Following this announcement, Nogin’s stock surged by 12% to 20.4 cents in after-hours trading.
Braze’s Revenue Surges 33% in Fiscal Third Quarter
Cloud-software company Braze has reported a remarkable surge in revenue during the fiscal third quarter, surpassing analysts’ estimates. The company’s revenue increased by an impressive 33%, bolstering confidence in its performance. Moreover, Braze has raised its full-year revenue guidance and now expects a narrower loss than previously forecasted.
This positive news has driven a 12% rise in Braze’s stock, with shares trading at $63 after-hours.