Life

Medical Properties To Sell Connecticut Hospitals To Prospect Medical Holdings

Apax Partners To Sell Majority Interest In Boasso Global To KKR For Undisclosed Terms

Funds advised by Apax Partners LLP and global investment firm KKR & Co. (KKR) announced Thursday the signing of a definitive agreement under which the Apax Funds will sell their majority interest in Boasso Global, Inc. to KKR.

Boasso provides mission-critical logistics services to the global chemical and food grade supply chains through a network of 34 strategically located depots across North America and Western Europe.

KKR is making the investment in Boasso through its KKR Global Infrastructure Investors IV fund, which focuses on critical infrastructure investments in North America and Western Europe. Financial terms of the transaction were not disclosed.

Evofem Biosciences Says Vaginal Contraceptive Gel Phexxi Approved In Nigeria

Evofem Biosciences, Inc. (EVFM) announced Thursday that its hormone-free contraceptive vaginal gel Phexxi has been approved by the Nigerian Regulatory Agency NAFDAC (National Agency for Food and Drug Administration and Control). This is the first regulatory approval outside the U.S.

The regulatory dossiers have also been submitted in Ghana, Ethiopia and Mexico. The product will be potentially marketed under the brand name Femidence.

Nigeria is the most populous country in Africa and the seventh largest country in the world, with 45 million women of reproductive age.

WPP Acquires Passport Brand Design For Undisclosed Terms

WPP plc (WPP) announced Thursday the acquisition of Passport Brand Design, a leading brand design agency based in Southern California.

Passport brings extensive brand identity, design expertise and insight into WPP and works across a broad range of consumer categories and global markets, spanning Australia and Asia to North America.

The agency will join WPP subsidiary VMLY&R’s global network, creating exciting new partnership opportunities for existing talent and clients and expanding VMLY&R’s presence in the West Coast region.

Passport will enhance client experiences and WPP’s ability to continue delivering client services with integrated solutions.

The acquisition is part of WPP’s accelerated growth strategy and focused M&A approach to advance its core creative capabilities in marketing, communications and design.

Waste Connections Stock Slips 6%

Shares of Waste Connections, Inc. (WCN) are slipping over 6% on Thursday morning despite no stock related news.

WCN is currently trading at $133.03, down $8.78 or 6.19%, on the NYSE. The stock opened its trading at $140.96 after closing Wednesday’s trading at $141.81. The stock has traded between $113.50 and $148.20 in the past 52-week period.

Waste Connections provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. It offers collection services to residential, commercial, municipal, industrial, and exploration and production (E&P) customers; landfill disposal services; and recycling services for various recyclable materials, including compost, cardboard, mixed paper, plastic containers, glass bottles, and ferrous and aluminum metals.

Blackstone Real Estate Acquires Bluerock Residential Growth In $3.6 Bln All-cash Deal

Blackstone, Inc. (BX) announced Thursday that affiliates of Blackstone Real Estate have completed the previously announced acquisition of Bluerock Residential Growth REIT, Inc. for $24.25 per share in an all-cash transaction valued at $3.6 billion.

Bluerock has also completed the previously announced spin-off of its single-family rental business into an externally managed, real estate investment trust, Bluerock Homes Trust, Inc. (BHM). BHM began trading on the New York Stock Exchange American this morning.

In December 2021, Bluerock Residential Growth agreed to be acquired by Blackstone Real Estate.

North States Industries Recalls Toddleroo Rotating Cabinet Latches

North States Industries has recalled about 103,000 Toddleroo rotating cabinet latches due to choking hazard.

According to Consumer Product Safety Commission, the latching button can dislodge and detach from the cabinet latches, posing a choking hazard to young children. The company has received 19 reports of the latching button dislodging or detaching, including one report of a child gagging on a dislodged button.

The recall involves North States Industries’ Toddleroo rotating cabinet latches used to childproof cabinets. The white plastic latches were sold in a package of four latches.

The company has asked its customers to immediately stop using the recalled cabinet latches and contact North States Industries for a refund. Consumers will be asked to send North States Industries photos of the front and back of the product and confirm that they have destroyed or disposed of the latches. After the confirmation, they will receive a refund of $5.50 or the purchase price indicated on the receipt if available.

Walmart, BuyBuyBaby and other stores nationwide and online from November 2019 through August 2022 for between $5 and $10.

Senti Biosciences Spikes 28%

Senti Biosciences, Inc. (SNTI) shares are surging more than 25 percent on Thursday morning trade. The biotechnology company said on Wednesday that it will present pre-clinical data on cancer-killing allogeneic CAR-NK cells on November 10. The company will present poster presentations at the Society for Immunotherapy of Cancer (SITC) 37th Annual Meeting in Boston, MA.

The shares are at $6.78, up 28.40 percent from the previous close of $5.28 on a volume of 18,009,145.

Medical Properties To Sell Connecticut Hospitals To Prospect Medical Holdings

Medical Properties Trust, Inc. (MPW) announced Thursday that it has entered into definitive agreements for the sale of three Connecticut hospitals to Prospect Medical Holdings, the current lessee.

Separately, Yale New Haven Health has agreed to acquire the hospital operations from Prospect in a contemporaneous transaction.

Terms of the agreements establish an aggregate sale price of approximately $457 million, the approximate amount MPT paid for the hospitals in August 2019. The Prospect lessees have since made timely payments of all rent required under the leases to MPT totaling approximately $104 million.

The transaction is expected to close in 2023 subject to certain regulatory approvals and is further conditioned upon the completion of Yale’s acquisition from Prospect of the hospital operations.

MPT presently plans to utilize proceeds from the transaction to reduce debt and to fund select acquisition and other investment opportunities.