Blueprint Medicines: FDA Grants Priority Review For Supplemental New Drug Application For AYVAKIT

Spotify Cuts Employee Base By About 6%; Chief Content Officer Dawn Ostroff To Resign

Audio streaming company Spotify Technology S.A. (SPOT) announced a reduction in its employee base by about 6%. The company estimates that it will incur approximately 35-45 million euros in severance-related charges.

Also, Dawn Ostroff, Chief Content & Advertising Business Officer, will leave Spotify as part of a broader reorganization. She will assume the role of a senior advisor to the company to help facilitate the transition.

Spotify also announced that, as part of the broader reorganization, Alex Norström, currently Chief Freemium Business Officer, and Gustav Söderström, currently Chief Research & Development Officer, will each take on additional responsibilities and be appointed as co-presidents of the company.

As per the company’s third-quarter earnings report, Spotify has about 9,800 employees.

Shares of Spotify Technology are up 4% in pre-market trade on Monday.

Emerson Says Committed To Proceed With National Instruments' Acquisition

Technology and software company Emerson Electric Co. (EMR) on Monday issued the following statement regarding its all-cash proposal to acquire National Instruments Corp. (NATI) for $53 per share.

Emerson said it has decided to proceed in its pursuit of acquiring National Instruments without nominating its selected Independent Directors for election to National Instruments’ Board at its upcoming Annual Meeting of Stockholders.

Emerson has publicly disclosed its proposal to acquire National Instruments with the objective of ensuring that the National Instruments Board of Directors executed a fair and transparent strategic review process, and that National Instruments’ shareholders understood the credibility of its proposal.

Over the course of the last week, there has been engagement between the management teams and advisors for National Instruments and Emerson.

Emerson is committed to an acquisition of National Instruments and is participating in the strategic review process by National Instruments’ Board.

Emerson said it believes it’s premium all-cash proposal at $53 a share, with no financing conditions or anticipated regulatory concerns, is compelling and in the best interest of Emerson and National Instruments shareholders.

Xylem To Acquire Evoqua In All-stock Deal

Xylem Inc. (XYL) and Evoqua (AQUA) have entered into a definitive agreement under which Xylem will acquire Evoqua in an all-stock deal that reflects an implied enterprise value of approximately $7.5 billion. Evoqua shareholders will receive 0.480 shares of Xylem for each Evoqua share, representing a value of $52.89 per share.

Upon closing, Xylem shareholders will own approximately 75 percent and Evoqua shareholders will own approximately 25 percent of the combined company. Following the closing, the combined company will continue to be led by Patrick Decker, Xylem’s CEO. The combination is anticipated to deliver run-rate cost synergies of $140 million within three years.

Wayfair Stock Jumps 25% As Analysts Upgrade Rating

Shares of Wayfair Inc. (W) are surging nearly 25% on Monday morning continuing its rally from Friday. Analysts have upgraded its outlook on the company’s stock, reflecting the company’s last week job cuts’ announcement.

W is currently trading at $58.17, up $11.38 or 24.32%, on the NYSE. The stock opened its trading at $42.05 after closing previous day’s trading at $46.79. In the past 52-week period, the company’s has traded between $28.11 and $163.99.

Analysts at JPMorgan Chase & Co., Bank Of America, and Wedbush upgraded the stock.

Analysts at JPMorgan Chase lifted its rating from an “underweight” to an “overweight”. They now have a $63.00 price target on the stock, up from previous target of $35.00.

Analysts at Bank of America also lifted its rating for the company from an “underperform” to a “buy” rating. They now have a $65.00 price target on the stock, up previously from $30.00. Analysts at Wedbush upgraded from a “neutral” rating to an “outperform” rating.

Last week, the company announced the reduction of 1750 employees or 10 percent of its global workforce as an effort to eliminate management layers and reorganize the company. This includes approximately 1,200 or 18 percent of corporate employees. The company expects annualized cost savings of around $750 million.

Cognizant To Buy UK's Mobica To Boost IoT Services

Cognizant Technology Solutions Corp. (CTSH), an IT services and consulting firm, said on Monday that that it has inked a deal to acquire Mobica, a British IoT software services provider, for an undisclosed sum.

Cognizant believes that the acquisition, expected to conclude in February, will boost its IoT embedded software engineering, a fast-growing segment of the IoT.

Cognizant said, “Market intelligence firm IDC forecasts global product engineering spending to increase from $83 billion in 2021 to $164 billion by 2026.”

Once the deal is complete, Cognizant plans to add nearly 900 staff across Europe and North America, including around 550 engineers in Poland.

Blueprint Medicines: FDA Grants Priority Review For Supplemental New Drug Application For AYVAKIT

Blueprint Medicines Corporation (BPMC) announced the FDA has accepted the company’s supplemental new drug application for AYVAKIT for the treatment of adults with indolent systemic mastocytosis. The FDA granted priority review with an action date of May 22, 2023 under the PDUFA. The regulatory application is based on results from the global PIONEER trial.

AYVAKIT or avapritinib is a kinase inhibitor approved by the FDA for the treatment of adults with Advanced systemic mastocytosis, including aggressive SM, SM with an associated hematological neoplasm and mast cell leukemia, and adults with unresectable or metastatic gastrointestinal stromal tumor harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations.

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