Eli Lilly’s $4bn infectious diseases push

BY Richard Summerfield

Eli Lilly and Company has announced a trio of deals which will see it acquire three companies, Curevo Inc, LimmaTech Biologics and Vaccine Company, Inc, in separate transactions for a potential combined total of around $3.8bn.

According to a statement announcing the deals, ​Curevo shareholders could ​receive up to $1.5bn ⁠in cash, inclusive of an upfront payment, and a subsequent payment on achieving specified milestones. Curevo’s lead product candidate is amezosvatein, a shingles vaccine.

LimmaTech ​will be acquired for up to $780m in cash, inclusive of an ​upfront payment ⁠and additional potential payments. Its lead programme, LTB-SA7, is in early-stage development as a vaccine against S. aureus, a leading cause of surgical-site infection.

Lilly has also agreed to pay up to $1.55bn for ⁠Vaccine Company, ​which is developing a vaccine against the Epstein-Barr virus, ​a very common and highly contagious infection.

“These acquisitions reflect a deliberate strategy to prevent disease at its source rather than treat its consequences,” said Daniel M. Skovronsky, chief scientific & product officer, and president of Lilly Research Laboratories. “Decades of evidence now link common infections to diseases that potentially emerge years later, including neurological disease, cancer and infertility. And as antimicrobial resistance erodes our ability to treat bacterial infections, vaccines are increasingly the only path to prevention. Combining these companies’ platforms and teams with Lilly’s global scale positions us to change that trajectory.”

The deals are something of a step change for Eli Lilly, which is best known for cardiometabolic drugs. The company does, however, have some history with vaccines and infectious diseases, having previously played a pivotal role helping distribute the polio vaccine. More recently, it worked with AbCellera to develop antibody drugs for the coronavirus (COVID-19) pandemic.

To complement this push into infectious diseases, the company hired Peter Marks, the Food and Drug Administration’s former vaccine chief, as its head of infectious disease in 2025.

The acquisitions are just the latest in a string of deals announced by Eli Lilly in 2026 so far. Indeed, the company is on something of a record spending spree, announcing acquisitions worth more than $20bn as the drugmaker expands beyond its blockbuster obesity franchise.

In the weeks preceding the three vaccine-focused deals, the company also announced it had agreed a $7.8bn deal for sleep drugmaker Centessa Pharmaceuticals Plc and would spend up to $7bn for cancer drug developer Kelonia Therapeutics – two of its most expensive deals ever.

The company’s spending spree has been facilitated by the strong sales of its fast-selling obesity and diabetes drugs. As a result, Eli Lilly has acquired 10 drugmakers to date this year, in areas such as oncology, immunology, neurology, genetic medicine and now infectious disease.

News: Lilly to buy three vaccine developers for nearly $4 billion in infectious disease push

Jardines buys Australian radiology group in AU$3.4bn deal

BY Fraser Tennant

In a deal that looks beyond its conventional businesses, investment company Jardine Matheson is to acquire Australian medical imaging provider I-MED Radiology Network for AU$3.4bn.

Jardines, whose businesses span property, retail and automotive sectors, will buy a 100 percent stake in I-MED from funds advised ⁠by UK private equity firm Permira and other shareholders. The deal will be funded through a combination of Jardines’ existing cash resources and debt facilities.

The transaction also includes I-MED’s minority interest in Harrison.ai, a pioneer in developing radiology artificial intelligence (AI) solutions, including CT brain and chest scans.

The diagnostic imaging industry in Australia and New Zealand is one of the most advanced in the world, with demand underpinned by strong fundamentals including the region’s growing population, demand for non-doctor supported services, and increasing utilisation of diagnostic imaging as a tool for early diagnosis and preventative health.

The acquisition of I-MED represents a significant step for Jardines in its strategic evolution as an Asia Pacific-focused investor and control owner of high-quality businesses in the region.

“As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth,” said Lincoln Pan, chief executive of Jardines. “I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED’s core markets as well as new markets.”

Operating a large, integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities in Australia and New Zealand, I-MED is a leader in teleradiology – the technology-enabled remote interpretation of medical images – to support diagnoses for patients receiving care where radiologists may not be available in Australia, New Zealand and the US.

“We are looking forward to working with Jardines to execute on our growth agenda,” said Dr Shrey Viranna, chief executive of I-MED. “This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities.”

The transaction is subject to customary closing conditions including regulatory approvals, and is expected to complete in late 2026.

“I-MED have a first-class management team, which have not only driven consistent earnings growth, but have stayed at the cutting edge of innovation, including bold steps into AI which will allow them to strengthen their market-leading position, while still supporting high clinical standards,” added Mr Pan.

News: Jardine Matheson to buy Australia's I-MED at $2.4 billion enterprise value in healthcare push

Crypto collapse: Bitcoin Depot files for Chapter 11

BY Fraser Tennant

Bitcoin Depot, the largest bitcoin automated teller machine (BTMs) operator in North America, has filed for voluntary Chapter 11 bankruptcy and shut down its entire network of over 9000 machines.

With the company having exhausted other alternatives before seeking bankruptcy protection, the court will oversee proceedings, which include Bitcoin Depot’s Canadian entities. Separate restructuring proceedings are expected to commence in Canada.

Founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system, Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space.

However, under severe financial pressure for months prior to the bankruptcy filing, the company reported a 49.2 percent revenue decline year over year for the first quarter of 2026, as well as posting a $9.5m net loss compared with $12.2m in net income a year earlier.

“Over time, the company has strengthened its protocols and procedures to combat fraud and protect customers who use its BTMs,” said Alex Holmes, chief executive of Bitcoin Depot. “This includes enhanced identity verification, customer fraud warnings and the recent adoption of lower transaction limits for customers.

“Nevertheless, the regulatory environment for BTM operators has shifted significantly,” he continued. “States have imposed increasingly stringent compliance obligations, including new transaction limits, and in some jurisdictions, outright restrictions or bans on BTM operations. Operators have also faced increasing litigation and regulatory enforcement.”

As a result, the company’s stock has plummeted 79.48 percent over the past six months. In another setback, hackers breached the company’s IT systems and stole $3.7m from its crypto wallets.

As a result of these developments, Bitcoin Depot’s business and financial position was materially affected, leaving the company’s current business model unsustainable.  

“After evaluating all options, we determined to initiate this court-supervised process to facilitate an orderly wind-down of operations and a sale of the company’s assets,” said Mr Holmes. “We are grateful to our customers, suppliers and business partners for their support. I also want to thank our employees across the globe for their continued hard work and dedication.”

News: Bitcoin Depot Initiates Voluntary Chapter 11 Process To Facilitate An Orderly Wind-Down And Sale Of The Company's Assets

NextEra Energy and Dominion agree $66.8bn mega merger

BY Richard Summerfield

NextEra Energy and Dominion Energy, two US power companies, have announced their intention to merge in an all-stock $66.8bn megadeal to create one of the world’s largest electric utilities.

Under the terms of the deal, Dominion Energy shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra Energy for each share of Dominion Energy they own at the close of the transaction, resulting in NextEra Energy and Dominion Energy shareholders owning approximately 74.5 percent and 25.5 percent of the combined company, respectively. The deal values Dominion at $75.97 per share, a premium of about 23 percent to its ​last close.

The deal has been struck as US utilities race to meet ever growing demand from data centres fuelling the artificial ​intelligence boom. The deal, which will be one of the largest in the history of the US power industry, adds to a wave of consolidation as ‌the rapid data centre buildout lifts power demand for the first time in two decades, opening up a lucrative revenue stream and boosting profit prospects.

NextEra is one of the world’s largest energy developers and access to ​Dominion’s portfolio would enable it to expand into the PJM Interconnection region, the largest US power grid operator ⁠spanning across 13 states, and capitalise on opportunities in Virginia, one of the biggest data centre markets in the world.

The deal is expected to close in 12-18 months, subject to antitrust review, shareholder and regulatory approvals from the Federal Energy ​Regulatory Commission, Nuclear Regulatory Commission and ​state utility regulators in Virginia, North ⁠Carolina and South Carolina.

“This is a historic moment for our two companies and for the states we are privileged to serve,” said John Ketchum, chairman, president and chief executive of NextEra Energy. “Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever – not for the sake of size, but because scale translates into capital and operating efficiencies. It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run.”

“Dominion Energy and NextEra Energy share a deep commitment to delivering reliable and affordable energy and to the customers and communities we are honored to serve,” said Robert Blue, chair, president and chief executive of Dominion Energy. “This combination brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need.

“Most importantly, this combination is built around our customers,” he continued. “The bill credits we are committing to, the continued investments in generation, reliability and storm resiliency and our commitments to retain our team and dual headquarters in Juno Beach and Richmond, as well as Dominion Energy South Carolina’s existing operational headquarters in Cayce, reflect the values that have always defined Dominion Energy. We are excited to bring these great companies together and to write the next chapter in every community we serve.”

News: NextEra plans to buy Dominion Energy for $66.8 billion, form biggest US power company as AI demand booms

eBay rejects $56bn GameStop offer

BY Richard Summerfield

Online marketplace eBay has rejected the surprise $55.5bn takeover offer from video game retailer GameStop, calling the proposed deal “unsolicited” and “neither credible nor attractive”.

The deal would have seen GameStop, which has built up a 5 percent stake in eBay, acquire 100 percent of the company at $125 a share. The price would have represented a 46 percent premium to eBay’s unaffected closing price on 4 February 2026, the day GameStop started accumulating its position in eBay.

GameStop intended to use about $9.4bn in “cash on hand” and $20bn in potential debt financing from TD Securities to complete the deal. According to a statement announcing the offer, adding GameStop’s market capitalisation of just over $10bn, the total remains about $16bn short of what it offered in its unsolicited bid.

In a press release issued on Tuesday, eBay rejected the offer. “The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” said Paul S. Pressler, chairman of the board of directors of eBay.

“We have concluded that your proposal is neither credible nor attractive,” he continued. “We have taken into account such factors as 1) eBay’s standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay’s long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop’s governance and executive incentives.”

Mr Pressler described eBay as a robust and resilient business that has generated solid results in recent years. He noted that the company has refined its strategic direction, improved execution, strengthened its marketplace and seller experience, and consistently returned capital to shareholders. He also expressed the board’s confidence that, with its distinct global platform and clear strategy, the current management team is well positioned to sustain growth, operate with discipline and create long-term shareholder value.

The proposed deal was notable given GameStop’s significantly smaller value, uncertainty around the company’s financing proposal as well as its borrowing and the operational risks of a combined group. GameStop rose to prominence during the COVID-19 pandemic as a so-called ‘meme-stock’, which saw gen Z and millennial investors piling into stocks, including GameStop, in a frenzy that pushed a number of hedge funds close to bankruptcy.

GameStop had a market valuation of roughly $12bn before its bid, almost a quarter of eBay’s $46bn valuation. Since the height of the meme-stock craze, which saw GameStop shares up from $3.25 in April 2020 to $347.50 in late January 2021 – a rise of 10,692 percent – the company has subsequently closed hundreds of stores, including 590 in 2025. It currently has around 1600 remaining sites.

GameStop’s chief executive, Ryan Cohen, has previously said that the company was prepared to launch a hostile bid and take the offer directly to eBay’s shareholders if the board was not receptive to his proposal.

News: EBay rejects GameStop's $56 billion bid as ‘neither credible nor attractive’