Market Overview

Benzinga's M&A Chatter for Monday January 13, 2014

The following are the M&A deals, rumors and chatter circulating on Wall Street for Monday January 13, 2014:

Sanofi to Acquire 12% Stake in Alnylam

The Deal:
Sanofi (NYSE: SNY) and Alnylam (NASDAQ: ALNY) announced Monday that Sanofi's Genzyme unit will acquire approximately a 12% percent stake in Alnylam, valued at $700M, based on a price of approximately $80 per share. Alnylam will receive R&D funding, beginning January 1, 2015, for projects involving Genzyme, plus Alnylam is eligible to receive milestones and royalties.

The deal is part of a larger agreement under which Alnylam and Genzyme will expand their collaboration on rare genetic diseases.

Alnylam closed Monday at $93.28, a gain of almost 41%.

Alnylam Acquires Sirna Therapeutics from Merck for $175M Upfront Payment

The Deal:
Alnylam Pharmaceuticals (NASDAQ: ALNY) announced Monday the acquisition of Merck (NYSE: MRK) subsidiary Sirna Therapeutics for an upfront payment of $25 million cash and $150 million in Alnylam common stock. Under the agreement, Merck is eligible to receive up to $105 million in developmental and sales milestone payments per product and single-digit royalties associated with the progress of certain pre-clinical candidates discovered by Merck. In addition, Merck is eligible to receive up to $10 million in milestone payments and single-digit royalties on Alnylam products covered by Sirna Therapeutics' patent estate.

Alnylam closed Monday at $93.28, a gain of almost 41%.

Suntory Holdings to Acquire Beam for $83.50/Share

The Deal:
Suntory Holdings (OTC: STBFY) and Beam (NYSE: BEAM) announced Monday that they have entered into an agreement under which Suntory will acquire all outstanding shares of Beam for $83.50 per share in cash, for total value of approximately $16 billion, including assumption of Beam's outstanding net debt.

The deal is expected to close in Q2 2014.

Beam closed Monday at $83.42, a gain of 24%.

Google to Acquire Nest Labs for $3.2B in Cash

The Deal:
Google (NASDAQ: GOOG) announced Monday that it is buying home automation company Nest Labs for $3.2 billion in cash. The deal is expected to close in the next few months.

Google closed Monday at $83.42, a gain of 24%.

Charter Offers to Acquire Time Warner Cable for a Reported $132.50/Share

The Offer:
Charter Communications (NASDAQ: CHTR) announced Monday that it has sent a letter to Time Warner Cable (NYSE: TWC) proposing that the two companies engage in talks to work out a merger agreement. The letter does not mention a specific offer price, but Bloomberg reported the offer is $132.50.

CNBC's David Faber reported after-hours that Time Warner told Charter it would accept a $160 per share offer. Last month, CNBC reported a deal at $150-$160 would not happen.

Charter will host a conference call on Tuesday, January 14, 2014 at 4:30 PM ET to discuss the proposal.

Time Warner Cable closed Monday at $132.40 and traded around $135 after-hours.

Posted-In: News Rumors M&A Movers

 

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