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Bristol-Myers (BMY) wins FDA nod for first-of-its-kind antipsychotic. (00:25) DirecTV, Dish (SATS) close in on merger to form largest US pay-TV service: Bloomberg. (01:11) Major Trump Media (DJT) shareholder dumps nearly entire stake. (02:18)
This is an abridged transcript of the podcast.
The U.S. Food and Drug Administration (FDA) on Thursday approved Cobenfy (xanomeline and trospium chloride), developed by Bristol-Myers Squibb (NYSE:BMY), as a novel treatment for adults with schizophrenia.
Bristol-Myers (BMY) is up 6.3% in premarket action.
The drug, previously known as KarXT, was added to the pipeline following its $14B acquisition of Karuna Therapeutics in March.
When Bristol-Myers (BMY) inked the buyout agreement last December, the antipsychotic was under FDA review with a target action date of September 26, 2024.
Unlike dopamine receptor-targeting schizophrenia therapies, the current standard of care, Cobenfy, is the first FDA-approved antipsychotic targeted at cholinergic receptors.
Telecom operator AT&T (NYSE:T) and joint-venture partner TPG Capital (NASDAQ:TPG) are closing on the merger of their DirecTV service with EchoStar’s (NASDAQ:SATS) Dish.
Bloomberg reported late Thursday, citing people familiar with the matter that an agreement could be announced in the coming days with discussions in the advanced stage.
The deal would create the largest pay-TV provider in the U.S., with almost 20 million subscribers.
The companies are still working through details of the structure of the deal. Earlier this month, Bloomberg reported discussions were in the early stages. The companies had also attempted a merger in 2022, but the U.S. Department of Justice blocked it over antitrust concerns.
DirecTV, with around 11 million customers, is reportedly looking to hold control of the combined entity. EchoStar and TPG will remain investors.
The sources said while talks are at an advanced stage, they may still be delayed and the deal may not materialize. TPG, DirecTV and Dish have not yet responded to a Seeking Alpha request for comment.
A major Trump Media & Technology (NASDAQ:DJT) shareholder has dumped 7.53 million shares.
United Atlantic Ventures (UAV) said in a filing with the US Securities and Exchange Commission that it owned 7.525 million shares in Trump Media, or 5.5%, as of March 25 when Trump Media merged with Digital World Acquisition Corp. (DWAC).
UAV, which is co-owned by Andrew Litinsky and Wes Moore, on Thursday said it owns 100 Trump Media shares. Litinsky and Moore helped shepherd the combination of Trump Media and DWAC.
Former President Donald Trump is the majority shareholder of Trump Media with a 56% stake.
A federal judge earlier this month ruled in favor of UAV to allow the firm to sell its minority stake in Trump Media. Trump Media argued that UAV was not entitled to shares in the company due to mismanagement by Litinsky and Moore before the merger.
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Catalyst watch:
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Vista Outdoor (VSTO) shareholders will vote for either the MNC Capital’s offer to buy the company for $43 per share, or for CSG’s offer to acquire The Kinetic Group for $2.15B and make an investment of $150M in the remaining Revelyst business for a 7.5% stake.
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The spinoff by Jacobs (J) of its Critical Mission Solutions and Cyber & Intelligence government services businesses will become effective after the market closes.
On today’s economic calendar:
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8:30 am Personal Income and Outlays
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10:00 am Consumer Sentiment
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1:15 pm Fed’s Michelle Bowman will speak at the Alabama Bankers Association Bank CEO meeting
