Gilead Sciences acquires Arcellx in $7.8bn deal

BY Fraser Tennant

In its largest deal since 2020, US biopharmaceutical company Gilead Sciences is to acquire cancer therapy developer Arcellx for approximately $7.8bn.

Under the terms of the definitive agreement, Gilead will pay $115 per share in cash at the deal's closing, which is at a premium of 79 percent to the stock's last close. The agreement also includes one contingent value right of $5 per share.

Since 2022, Kite, a Gilead company, and Arcellx have had an existing collaboration to co-develop and co-commercialise Arcellx’s lead pipeline candidate, anito-cel, an investigational CAR T-cell therapy – a cancer treatment that uses a patient's own genetically modified immune cells to find and kill cancer cells – for patients with multiple myeloma, a type of blood cancer.

In clinical studies to date, anito-cel has demonstrated deep and durable responses with a predictable and manageable safety profile, addressing key challenges associated with current CAR T-cell therapies in multiple myeloma.

The US Food and Drug Administration (FDA) is currently reviewing the therapy, with a decision expected by 23 December 2026. Upon FDA approval of anito-cel, the proposed transaction is expected to be accretive to earnings per share in 2028 and thereafter.

“This agreement reflects our conviction in the potential of anito-cel and our intention to move with speed so we can make the most of that potential for patients with multiple myeloma,” said Daniel O’Day, chairman and chief executive of Gilead Sciences. “Anito-cel could become a foundational treatment for multiple myeloma over time, including earlier lines of therapy.”

In addition to anito-cel, Arcellx’s D-Domain CAR technology platform has generated proprietary, target-binding domains with improved specificity and enhanced binding affinity that could potentially be used for next-generation CAR T-cell and bispecific therapies.

“The story of Arcellx is one of innovation, passion, resilience and teamwork,” said Rami Elghandour, chairman and chief executive of Arcellx. “I could not be prouder of our team, our contribution to the myeloma field, and the impact anito-cel and our D-Domain platform are poised to have for patients and clinicians.

“We are fortunate to have found a world-class partner in Gilead, which has the expertise to carry forward Arcellx’s legacy,” he continued. “Kite is well-positioned to maximise access to anito-cel, benefiting more patients, and the company’s commitment to be the leader in cell therapy is one I admire.”

The transaction has been approved by both the Gilead and Arcellx boards of directors and is anticipated to close during the second quarter of 2026, subject to the satisfaction or waiver of customary closing conditions.

Mr Elghandour concluded: “I am grateful to our board of directors, our shareholders, our partners and the patients and physicians who participated in our studies, and most of all, our team members who did the impossible and left an indelible mark on the future of medicine.”

News: Gilead to acquire cancer therapy developer Arcellx for up to $7.8 billion

North Star Health Alliance files for Chapter 11

BY Fraser Tennant

Following a dispute with the New York State Department of Health over missing financial disclosures, home healthcare agency the North Star Health Alliance (NSHA), and three of its affiliates, has filed for Chapter 11 bankruptcy protection.

The decision to file was driven by complex events that generated a gap between the cost of services rendered and revenue received – a gap caused by, among other things, delays in payments while transitioning to a critical access hospital reimbursement model, increased operating expenses and multiple cyber attacks.

In addition to over 120 job cuts and the inoperability of several local clinics, the severe financial instability experienced by the NSHA in recent months also led to the resignation of its chief executive.

The Chapter 11 filing will allow the NSHA to commence a bankruptcy court restructuring process for itself and affiliates Carthage Area Hospital, Claxton-Hepburn Medical Center in Ogdensburg, and Meadowbrook Terrace, an assisted living facility in Carthage. 

The restructuring process is being undertaken as a voluntary, strategic and proactive action to realign financial obligations, ensure long‑term sustainability, and preserve the NSHA’s deep community roots and ability to provide quality healthcare. The NSHA plans to keep its hospitals and clinics open during the restructuring.

“We are taking this step to safeguard what matters most: quality driven care available close to home and the preservation of essential healthcare careers that support local families and anchor our North Country economy,” said Chet Truskowski, chairman of the NSHA board. “This court‑supervised restructuring puts us on a path to stabilise our finances while preserving essential services and protecting our workforce.”

The NHSA has stated that patients and their families can expect normal operations, access to appointments and continuity of all essential medical, surgical, behavioural health and assisted living services. In addition, employees will continue to receive regular pay and benefits throughout the Chapter 11 process.

“Providing for our patients and their families, caregivers and our staff that make up our community, is central to our mission,” concluded Mr Truskowski. “The Chapter 11 process is designed to ensure we can continue serving our neighbours for years to come.”

News: North Star Health Alliance files for Chapter 11 bankruptcy

ZIM Integrated Shipping sold for $4.2bn

BY Richard Summerfield           

Container shipping group Hapag-Lloyd has agreed to acquire its rival ZIM Integrated Shipping Services in a deal worth $4.2bn. The deal will consolidate Hapag-Lloyd’s position as one of the world’s biggest ocean shipping companies.

Under the terms of the deal, Hapag-Lloyd will acquire ZIM for $35 per share in cash. The total transaction represents an equity value of approximately $4.2bn, and the price per share represents a 58 percent premium to ZIM’s stock price on 13 February 2026, a 90 percent premium to ZIM’s 90-day volume-weighted average price and a 126 percent premium to ZIM’s unaffected stock price of $15.50 on 8 August 2025, prior to market speculation first emerging.

The transaction has been unanimously approved by ZIM’s board of directors and is expected to close by late 2026, subject to approval by ZIM shareholders and upon satisfaction of customary closing conditions, including approvals by regulatory authorities and the state of Israel pursuant to the requirements of the ‘special state share’.

“I am incredibly proud of the strategic transformation we have executed at ZIM over recent years, which has generated exceptional value for our shareholders,” said Eli Glickman, president and chief executive of ZIM. “Since I joined the Company in 2017, ZIM has progressed from a position of negative equity to become an industry leader with strong financial and operational performance. Since our IPO in January 2021, we have distributed an extraordinary $5.7 billion in dividends to shareholders. Upon completion of this transaction, total capital returned will be approximately $10 billion, representing more than five times the Company’s initial market value five years ago, or approximately 45 times the capital raised at the IPO.

Mr Glickman credited the company’s success to the professionalism and commitment of its team. He highlighted fleet modernisation with 46 new ships and ZIM’s early adoption of liquefied natural gas-powered vessels, now about 40 percent of its capacity. He also noted strategic investment of over $1bn since 2021 in vessels and equipment, growth in car carrier operations, and new LNG supply agreements with Shell. He further stressed ZIM’s leadership in digital tools, data analytics, business intelligence and AI, which enhance efficiency and customer experience.

“Our agility and proactive decision-making have enabled us to implement critical strategies that position ZIM as a market leader in container shipping, with industry-leading EBIT margins and making ZIM a compelling acquisition target,” added Mr Glickman.

“Today’s announcement is the culmination of a thorough strategic review carried out by ZIM’s Board of Directors,” said Yair Seroussi, chairman of the board at ZIM. “We believe this represents the most prudent and beneficial transaction for all ZIM stakeholders. The decision to enter into a transaction with Hapag-Lloyd reflects our commitment to maximizing value for shareholders through a competitive bidding process, while ensuring the best possible outcome for the Company, our employees and the State of Israel.”

“ZIM is an excellent partner for Hapag-Lloyd,” said Rolf Habben Jansen, chief executive of Hapag-Lloyd. “Customers will benefit from a significantly strengthened network on the Transpacific, Intra Asia, Atlantic, Latin America and East Mediterranean. We share the same ambitions: great customer service, outstanding operational quality, and a commitment to digital innovation – all powered by the expertise and passion of our people worldwide.

“We will use this opportunity to create the best team from the exceptional talent in ZIM and Hapag-Lloyd – in Israel and around the globe – and we commit ourselves to build a very substantial and long-term presence in Israel,” he continued. “Together, we will set new benchmarks of excellence and secure our position as the undisputed number one for quality in our industry”

News: Hapag-Lloyd buys Israel's ZIM Integrated Shipping for $4.2 billion

Store operator of Eddie Bauer files for Chapter 11 bankruptcy

BY Richard Summerfield

Eddie Bauer LLC, operator of Eddie Bauer stores in the US and Canada and a licensee of the Eddie Bauer brand, filed for Chapter 11 bankruptcy protection on Monday, 9 February 2026, in the US Bankruptcy Court for the District of New Jersey. The company cited declining sales and supply chain challenges and outlined a court‑supervised process to solicit bids for approximately 175 to 180 stores while maintaining operations during the case.

The company has filed customary motions seeking ‘first day’ relief, including approval to use cash collateral to pay wages and benefits in the ordinary course and to fund operations through Chapter 11. The filing is the third insolvency for the Eddie Bauer business in just over two decades, following a 2003 case tied to Spiegel Inc and a 2009 restructuring that culminated in a sale to Golden Gate Capital. In 2021, the operating company was sold to SPARC Group Holdings and the brand’s intellectual property to an affiliate of Authentic Brands Group.

In January 2025, SPARC Group and JCPenney combined to form Catalyst Brands, which licensed North American brick‑and‑mortar retail rights to Eddie Bauer from Authentic. According to the filing, Eddie Bauer retail locations outside the US and Canada are operated by other licensees, are not included in the Chapter 11 proceedings, and will continue to trade in the ordinary course. Court papers indicate total funded debt of about $1.7bn.

The company said its financial headwinds were exacerbated by tariff uncertainty and inflation, alongside weaker demand for outdoor apparel since the pandemic surge. Throughout the Chapter 11 process, most retail and outlet stores will remain open. The company has commenced store‑closing sales at many locations while running a sale process. If a buyer for part or all of the retail footprint does not emerge, the US and Canadian stores operated by the LLC could close. The company is currently unable to provide a timetable for individual closures. The operations of other brands in the Catalyst Brands portfolio are not affected and continue in the normal course, according to a statement announcing the filing.

“Even prior to the inception of Catalyst Brands last year, the Retail Company was in a challenged situation, with declining sales, supply chain challenges and other issues,” said Marc Rosen, chief executive of Catalyst Brands. “Over the past year, these challenges have been exacerbated by various headwinds, including increased costs of doing business due to inflation, ongoing tariff uncertainty, and other factors. While the leadership team at Catalyst was able to make significant strides in the brand, including rapid improvements in product development and marketing, those changes could not be implemented fast enough to fully address the challenges created over several years.”

Mr Rosen explained that the Retail Company had explored all available options and taken steps to strengthen its future prospects, including transferring its e‑commerce and wholesale operations to Outdoor 5 LLC. After extensive consideration, the company decided to file for Chapter 11 in order to carry out a court‑supervised sale process and seek a buyer willing to keep the business operating. He noted that if such an agreement cannot be reached, the company will proceed with an orderly wind‑down of its store operations.

Mr Rosen also acknowledged that the decision was difficult and expressed appreciation for the loyalty and trust shown by the Retail Company’s employees and customers. He said the organisation is working to limit the impact on staff, vendors, customers and other stakeholders. He added that, despite the challenges, the restructuring represents the most effective path to protect stakeholder value while ensuring that Catalyst Brands remains profitable with strong liquidity and cash flow.

Eddie Bauer LLC operates about 175 stores across 40 states and Canada and employs roughly 2200 people. The company benefitted from renewed interest in the outdoors during the pandemic and posted positive earnings before interest, taxes, depreciation and amortisation of $21m during the last eight months of 2021; however, its resurgence did not last. The company lost $2m in 2022, $10m in 2023, $82m in 2024 and $80m in 2025.

News: Eddie Bauer store operator files for bankruptcy, seeks sale

Texas Instruments acquires Silicon Labs in $7.5bn deal

BY Fraser Tennant

In a deal designed to expand its wireless connectivity and internet of things portfolio, US multinational semiconductor company Texas Instruments will acquire smart homes mixed-signal chipmaker Silicon Labs for approximately $7.5bn.

Under the terms of the definitive agreement, Texas Instruments will acquire Silicon Labs for $231 per share in an all-cash transaction – its biggest acquisition since the $6.5bn deal for National Semiconductor in 2011.

The combined company will create a global leader in embedded wireless connectivity solutions by combining Silicon Labs’ strong portfolio and expertise in mixed signal solutions with Texas Instruments’ leading analogue and embedded processing portfolio and internally owned technology and manufacturing capabilities.

“The acquisition of Silicon Labs is a significant milestone that strengthens our long-term embedded processing strategy,” said Haviv Ilan, chairman, president and chief executive of Texas Instruments. “Silicon Labs’ leading embedded wireless connectivity portfolio enhances our technology and intellectual property, enabling greater scale and allowing us to better serve our customers.

“Texas Instruments' industry-leading and internally owned technology and manufacturing is optimised for Silicon Labs' portfolio, and will provide customers dependable supply worldwide,” he continued. “I am highly confident this transaction positions the combined company to deliver sustained value creation for Texas Instruments’ shareholders.”

The transaction – which is expected to generate $450m in annual manufacturing and operational synergies within three years post-close – has been unanimously approved by the board of directors of both companies.

“Texas Instruments and Silicon Labs share a strong Texas heritage and a long-term commitment to building technology companies the right way,” said Matt Johnson, president and chief executive of Silicon Labs. “Over the last decade, Silicon Labs has delivered double-digit growth, driven by the accelerating demand for more connected devices.”

The transaction is expected to close in the first half of 2027, subject to receipt of regulatory approvals and other customary closing conditions, including approval by Silicon Labs stockholders.

“The opportunity ahead is significant for both Texas Instruments and Silicon Labs,” concluded Mr Johnson. “By combining our embedded wireless connectivity portfolio with Texas Instruments’ scale, technology and manufacturing capabilities, we will be positioned to serve more customers and accelerate innovation.”

News: Texas Instruments strikes $7.5 billion deal for Silicon Labs to boost wireless footprint