Palatin Technologies Inc. Q1 Loss increases, but beats estimates

Rheinmetall In Deal To Buy Spanish Ammunition Maker Expal Systems

Rheinmetall AG (RNMBF.PK), a German automotive and arms maker, Monday announced its agreement with Spain’s MaxamCorp. Holding S.L. to acquire Expal Systems S.A, a Madrid-based ammunition maker.

The purchase price agreed is based on an enterprise value of 1.2 billion euros.

The completion of the deal is expected in summer 2023, subject to approval by the competition authorities and other regulatory checks.

The company expects the acquisition to help it to bolster its core weapon, ammunition and propellant business in a sustained way, with increased spare production capacity and an expanded product portfolio the prime focal points.

Expal Systems expects sales in fiscal 2023 to be around 400 million euros.

The company said total capacity offers scope for potential annual sales of 700 million euros to 800 million euros.

Oil Prices Drift Lower On China COVID Concerns

Oil prices edged lower on Monday after rallying sharply in the previous session amid reports about China easing quarantine restrictions for inbound travelers and flights.

Benchmark Brent crude futures slipped 0.3 percent to $95.73 a barrel, while WTI crude futures were down 0.4 percent at $88.58.

Oil prices edged higher earlier in the day on hopes that economic activity in China would recover due to efforts by policymakers to ease coronavirus restrictions.

An extensive package outlined by Chinese regulators to shore up financing in the embattled real estate also offered some support at open.

The early optimism faded as the dollar recovered on hawkish Fed comments and several Chinese cities, including Beijing, reported record COVID cases.

The U.S. dollar and bond yields rose after Fed Governor Christopher Waller pushed back on dovish rate bets saying that markets got “way out in front” over just one inflation print.

In China, the National Health Commission reported 16,072 new locally transmitted cases today, up from 14,761 on Sunday and the highest in the country since April 25.

Patterson Companies To Buy Dairy Tech; Financial Terms Not Disclosed

Patterson Companies Inc. (PDCO), a provider of dental and animal health products, announced Monday that it has signed an agreement to acquire substantially all assets of privately held Dairy Tech, Inc. The financial terms of the deal were not disclosed.

Patterson expects to close the transaction during its third fiscal quarter of fiscal 2023. Following the deal, Dairy Tech employees will be integrated into the Patterson Animal Health team.

Colorado-based Dairy Tech provides pasteurizing equipment and single-use bags that allow dairy producers to produce, store and feed colostrum for newborn calves, as well as product offerings for beef cattle producers.

Upon closing, the acquisition will expand Patterson Animal Health’s value-add platform by adding these products and solutions to their suite of offerings.

According to Kevin Pohlman, president of Patterson Animal Health, Dairy Tech’s colostrum management offerings, strong brand reputation and international presence and capabilities are very attractive to Patterson Animal Health.

United Rentals To Buy Ahern Rentals For Around $2 Bln Cash; URI Down In Pre-Market

United Rentals, Inc. (URI), an equipment rental company, said on Monday that it has inked a definitive deal to buy Ahern Rentals, Inc. for around $2 billion in cash.

The transaction, expected to be closed prior to the year-end 2022, is accretive to United Rentals’ adjusted earnings per share in its first year post-close.

For the 12 months ended on September 30, Ahern Rentals has generated total revenue of $887 million, with adjusted EBITDA of $310 million.

URI is trading down by 1.23 percent at $345 per share in pre-market on the New York Stock Exchange.

Protalix Resubmits To FDA The BLA For Pegunigalsidase Alfa For Treatment Of Fabry Disease

Biopharmaceutical company Protalix BioTherapeutics, Inc. (PLX) announced Monday the resubmission on Wednesday of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for PRX-102 (pegunigalsidase alfa) for the treatment of adult patients with Fabry disease.

Pegunigalsidase alfa is a purposefully-designed, long-acting recombinant, PEGylated, cross-linked a-galactosidase-A investigational product candidate.

The BLA resubmission includes a comprehensive set of clinical and manufacturing data, which was compiled from studies that involved more than 140 Fabry disease patients with up to five years of follow up including all three completed studies in the PRX-102 Phase III clinical program.

The BLA resubmission also includes safety data compiled from the ongoing phase III extension studies of PRX-102. If approved, Protalix will be eligible to receive a milestone payment from Italian pharmaceutical company Chiesi Farmaceutici S.p.A. upon BLA approval.

Protalix and Chiesi anticipate that the FDA will complete its review of the resubmission within six months of receipt.

The European Medicines Agency (EMA) is currently reviewing the marketing authorization application for PRX-102, and interactions with the EMA are ongoing.

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Palatin Technologies Inc. Q1 Loss increases, but beats estimates

Palatin Technologies Inc. (PTN) reported Loss for its first quarter that increased from the same period last year but beat the Street estimates.

The company’s bottom line totaled -$8.26 million, or -$0.86 per share. This compares with -$7.11 million, or -$0.75 per share, in last year’s first quarter.

Analysts on average had expected the company to earn -$1.19 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 443.8% to $0.87 million from $0.16 million last year.

Palatin Technologies Inc. earnings at a glance (GAAP) :

-Earnings (Q1): -$8.26 Mln. vs. -$7.11 Mln. last year.
-EPS (Q1): -$0.86 vs. -$0.75 last year.
-Analyst Estimate: -$1.19
-Revenue (Q1): $0.87 Mln vs. $0.16 Mln last year.