Today's Investment Banking Pulse
Blackstone commits up to $1.3bn to Apogee’s skin‑drug program
Blackstone is providing up to $1.3 billion in structured financing to Apogee Therapeutics, split between $800 million of equity and $500 million of debt with royalty‑linked returns. The capital will accelerate development of the atopic‑dermatitis candidate that recently met its Phase II primary endpoint.
Also developing:
By the numbers: Credit Agricole raises $670M via Samurai bond
AAHI’s SLA-SE Adjuvant Technology Powers Lilly’s Acquisition of Curevo’s Next-Generation Shingles Vaccine
Eli Lilly has agreed to acquire Curevo Vaccine, securing its Phase‑3‑ready shingles shot CRV‑101, which incorporates Access to Advanced Health Institute’s (AAHI) proprietary SLA‑SE adjuvant. The adjuvant is designed to boost T‑cell immunity while maintaining a favorable safety profile, positioning the vaccine for strong market uptake. AAHI will retain rights to license SLA‑SE for other infectious‑disease, cancer and future vaccine indications. The deal highlights growing industry focus on next‑generation adjuvants to improve efficacy and tolerability.
Extra Boost for Nuclidium: Financing Round Reaches €115 Million
Basel‑based Nuclidium AG closed an oversubscribed extension of its Series B financing, raising the round to roughly €115 million (about $126 million) or CHF 105 million. Existing backers including Kurma Growth Opportunities Fund, Angelini Ventures and the EIB‑backed Aurea led the round, adding a CHF 26.4 million...
Advaya Capital Snaps up Movie Box Office Data Provider Comscore Movies in Carveout
Advaya Capital has completed the acquisition of Comscore Movies, the box‑office data arm of media measurement firm Comscore. The deal is structured as a carve‑out, separating the movie‑tracking business from Comscore’s broader analytics platform. While financial terms were not disclosed,...
Mid-Market Founders Face 5x Valuation Multiples as M&A Pace Slows
Storm Duncan of Ignatious warns that mid‑market tech founders now negotiate around 5x revenue multiples, far below the 15x highs of 2021‑22. He outlines a disciplined approach to preparation, risk allocation, and timing as buyers become more selective.
Taiwanese Tech Firms Secure Record $14.5 Billion Debt to Power AI Chip and Server Build‑out
Taiwanese semiconductor component makers and server manufacturers have closed $14.5 billion of debt deals in 2026, the largest borrowing wave for the island’s AI‑hardware sector. The financing surge reflects soaring demand for AI chips and servers and mirrors a global tech‑debt...
Johnson Matthey to Acquire Cormetech in $460 Million Deal Targeting Data‑Centre Growth
Johnson Matthey agreed to buy US catalyst maker Cormetech for up to $460 million, valuing the target at $360 million with a $100 million earn‑out. The move bolsters JM’s clean‑air portfolio as data‑centre demand surges, even as the group’s FY pre‑tax profit fell...
Wealthsimple to Offer Early Access to IPO Trading
Wealthsimple announced that its platform will now allow retail investors to request shares of selected U.S. and Canadian IPOs at the initial offering price, a privilege traditionally reserved for institutions and accredited investors. The service operates through allocations from investment...
ProLogium Targets SPAC Merger to Fund French Battery Plant
Taiwanese solid‑state battery maker ProLogium announced a merger with SPAC Translational Development Acquisition Corp., creating ProLogium Technology and targeting a Nasdaq listing under PRLG. The deal will deliver at least $250 million in capital, including $172.5 million from the SPAC’s trust and...
CIBC Announces Intent to Repurchase Up to 30 Million Shares in New Normal Course Issuer Bid
Canadian Imperial Bank of Commerce (CIBC) filed a notice with the Toronto Stock Exchange to launch a normal course issuer bid for up to 30 million common shares, representing roughly 3.3% of its outstanding equity. The buyback will be priced at...
Q32 Bio Raises $55M as Guardant, Soligenix, Novavax Lead Biotech Gains
Q32 Bio Inc. closed a $55 million private placement, lifting its shares more than 85% in a single session. Guardant Health earned an American Cancer Society recommendation, Soligenix announced Ebola‑focused platform work, and Novavax posted solid gains, making them the day’s...
Why ‘Singapore Washing’ Will Never Be the Same
China’s National Development and Reform Commission blocked Meta’s planned $2 billion acquisition of AI‑agent startup Manus, the first major enforcement against the so‑called “Singapore washing” model. The move revealed that relocating a Chinese‑origin firm to Singapore does not shield it from...
Fertitta Entertainment Acquires Caesars Entertainment for $17.6 Billion
Fertitta Entertainment announced a $17.6 billion acquisition of Caesars Entertainment, offering $31 in cash per share—a 7.71% premium to the prior close. The transaction values Caesars at roughly 8.9 times its EBITDA and is slated to close in 2027 after a go‑shop...
US Dealmaking Weathers Global M&A Slowdown
The first‑quarter 2026 Food & Beverage M&A Pulse shows the United States kept a steady pace with 81 transactions, while global deal volume slipped 14% to 208 deals. PMCF interprets the flat U.S. activity as an early inflection point that...
Butterfield & Son to Acquire CIBC Caribbean Stake in $1.8 Billion Deal
Bank of N.T. Butterfield & Son Ltd. announced a $1.794 billion agreement to purchase Canadian Imperial Bank of Commerce’s 91.7% stake in CIBC Caribbean Bank Ltd. The deal, split between $1.091 billion in cash and $703 million in Butterfield shares, is slated to...
SpaceX Files $75 Bn IPO Prospectus, Eyes $1.75‑2 Trillion Valuation
Elon Musk’s SpaceX submitted a Form S‑1 seeking to raise at least $75 billion and list on Nasdaq under SPCX with a valuation between $1.75 trillion and $2 trillion. The filing spotlights a booming Starlink business, a cash‑intensive AI unit, and massive losses...
InsideArbitrage Event Driven Monitor – May 28, 2026
The May 28 InsideArbitrage roundup highlights several high‑profile merger arbitrage events, including the completion of Veris Residential’s $3.5 billion acquisition and shareholder approvals for Webster Financial’s merger with Santander and Stellar Bancorp’s deal with Prosperity Bancshares. Diana Shipping lifted its cash offer...
AISpeech Targets Star Market IPO as Demand for Conversational AI Grows
AISpeech Technology secured approval to list on Shanghai’s Star Market, targeting a $228.9 million raise. The company offers a full‑stack conversational AI platform that spans algorithmic models, on‑device deployment, and flexible delivery. In 2025 it generated $101.2 million in revenue with a...
Standard Chartered Executes First China Bond Futures Trade
Standard Chartered Bank (China) completed the inaugural Qualified Foreign Investor (QFI) trade of China Government Bond (CGB) futures, serving as both custodian and margin‑depository. The China Securities Regulatory Commission, People’s Bank of China and SAFE opened CGB futures to QFIs...
Amazon Will Acquire Apple’s 20% Stake in Satellite Firm Globalstar
Amazon announced it will purchase Apple’s 20% equity and voting stake in Globalstar, the satellite communications provider. The acquisition follows Amazon’s $11.6 billion deal to buy Globalstar outright, adding roughly $1.1 billion of Apple‑owned shares to the transaction. Amazon will create a...
China Regulator Approves $4B Memory Chip IPO
China’s securities regulator has cleared an approximately $4 billion share offering by a leading memory maker, bringing the highly anticipated listing a step closer following the company’s recent technological breakthroughs. @yoyominnie @QinSherry https://t.co/7tKEjwJCHr
Wall Street Is Betting Big on Clean Energy Tech
Fervo Energy is preparing a $1.8 billion IPO that would value the geothermal developer at roughly $7.4 billion, making it one of the largest renewable‑energy listings in U.S. history. The company uses horizontal drilling and fiber‑optic sensing to lower geothermal costs from...
The AI Bubble
OpenAI’s CFO Sarah Friar hinted at a federal backstop for AI‑chip financing, only to see the comment denied by senior leadership and her role sidelined. Meanwhile, the five hyperscalers have poured roughly $725 billion into AI‑specific data‑center infrastructure, a level that...
IPX Power Secures $4.95 Billion Financing for California Solar‑Storage Mega‑Project
IPX Power announced a $4.95 billion construction‑debt package to fund the Darden solar and battery storage project in California’s Central Valley. The deal, coordinated by a slate of global banks, combines loans, tax‑equity bridges and credit purchases, underscoring the growing sophistication...
Terra Quantum Secures $3.5 B Nasdaq Listing via Axiom SPAC Deal
Terra Quantum AG announced a definitive business combination with Axiom Intelligence Acquisition Corp 1, valuing the quantum‑software firm at roughly $3.5 billion. The merged entity will list on Nasdaq under the ticker “TQ,” giving the company public‑market capital and visibility as...
SpaceX, OpenAI, and Anthropic IPOs: Can Wall Street Finance the AI Boom?
SpaceX has filed for an IPO that could raise as much as $75 billion, potentially the largest public offering ever. OpenAI is eyeing a September debut and Anthropic is exploring a listing later this year, driven by massive compute costs of...
Morningstar DBRS Assigns Credit Rating of AA (Low) With a Stable Trend to HOOPP Realty Finance Trust's Series 3 Senior...
Morningstar DBRS assigned an AA (low) rating with a stable trend to HOOPP Realty Finance Trust’s CAD 250 million (≈ US $185 million) Series 3 senior unsecured notes due 2033. The notes are direct, unsubordinated obligations of the Trust, rank pari‑passu with other unsecured debt, and...
Dimon Says JPMorgan Could Spend $20 Billion on Deals
JPMorgan CEO Jamie Dimon told Bloomberg’s Deals show that the bank could deploy $10‑20 billion on acquisitions over the next few years. He emphasized that the firm is sitting on ample cash but remains cautious because its stock trades at a...
Jamie Dimon Signals up to $20 Billion Acquisition for JPMorgan
JPMorgan Chase CEO Jamie Dimon told investors the bank could deploy between $10 billion and $20 billion for an acquisition over the next few years. He framed any deal as opportunistic, emphasizing that it must complement JPMorgan’s existing businesses and not replace...
Yukon Metals Lines up $10M Financing for Exploration Program
Yukon Metals has arranged a private‑placement financing of up to C$10 million (≈US$7.4 million) with ATB Cormark Capital Markets and Canaccord Genuity. The package comprises up to C$2.5 million in flow‑through units at C$0.57 and C$7.5 million in hard‑dollar units at C$0.50, each unit...
HSBC and IFC Lead $1.5 B Bank Consortium for Brazil SAF Biorefinery
Acelen Renewables secured $1.5 billion in debt and equity financing from a ten‑bank consortium led by HSBC and the International Finance Corp. The funds will launch construction of a 1‑billion‑liter per year sustainable aviation fuel and renewable diesel biorefinery in Bahia,...
Dangote Refinery IPO Targets $5 Billion, Aims to Transform Africa’s Capital Markets
Dangote Refinery announced a $5 bn initial public offering that could value the project at $40‑50 bn, positioning it as Africa’s largest ever listing. The move arrives amid a legal clash with the Nigerian National Petroleum Company over fuel pricing and import...
SEC Chairman Eyes ‘Gun-Jumping’ Rule Changes to Spur More IPOs
SEC Chairman Paul Atkins announced that the agency will consider modernizing the decades‑old “gun‑jumping” rules that restrict company communications during an IPO. He argued that today’s digital channels differ dramatically from those in place when the rules were written. The...
Investors Say It’s Time for Pemex to Tap Global Debt Markets
Investors are urging Mexico’s state‑run oil giant, Pemex, to return to the international bond market after a three‑year hiatus. Analysts cite improving credit metrics, a narrowing fiscal deficit, and the need for fresh capital to fund refinery upgrades and new...
Unilever McCormick Deal Under Pressure as Backlash Builds
Unilever announced a $40 bn merger of its Foods business with McCormick, but the plan has sparked sharp investor scepticism and a falling share price. High‑profile shareholder Terry Smith sold a stake worth hundreds of millions of pounds, criticizing the activist‑driven...
Carlyle’s Ian Fujiyama Sees Attractive Opportunities in ADG Services; Rationale Behind GHO and CBC Merger
Private‑equity firm Carlyle’s senior partner Ian Fujiyama highlighted attractive investment opportunities in the administrative and data‑governance (ADG) services sector, citing strong demand for digital transformation among mid‑market firms. He also explained the strategic rationale behind the merger of health‑care operators...
India’s Richest Civic Body Plans Nearly $1 Billion Muni Bonds
India’s wealthiest municipal body, the Brihanmumbai Municipal Corp (BMC), is seeking to raise up to 95 bn rupees ($992 m) through municipal bonds. A tender due June 15 requires arrangers to commit at least 10 bn rupees ($104 m) and technical bids will be opened...
HgCapital Trust Commits $500 M to Legal‑Tech Firm Rightsline, Boosting AI Roadmap
HgCapital Trust plc (HgT) announced a $500 million strategic growth investment in legal‑tech platform Rightsline, including an £11 million (~$14 million) contribution from HgT itself. The funding, backed by Hg’s Mercury Fund and existing owners Klass Capital and Salem Partners, will accelerate Rightsline’s...
On the Move: ICR Snags Khan From Barclays
ICR Capital hired Faiz Khan from Barclays as a managing partner to lead its convertible and equity derivatives advisory team, adding deep structuring expertise. Lumen Technologies promoted Melissa Mann to chief public policy officer and Jessica Taylor to senior vice‑president and chief communications...
Paramount Gains Ground in Push for DOJ Approval of Its Warner Bros. Discovery Purchase as Regulators Signal Potential Approval
Paramount is moving closer to securing DOJ approval for its $110 billion acquisition of Warner Bros. Discovery after a two‑hour antitrust briefing. The company emphasized a continued commitment to theatrical releases to counter concerns about streaming‑first strategies. Shareholder consent is already in place,...
Cartesian Therapeutics Secures $150 Million Credit Facility to Push Autoimmune Cell Therapy
Cartesian Therapeutics announced a $150 million credit facility with K2 HealthVentures, including an initial $50 million tranche that will fund operations through 2028. The financing backs the upcoming Phase 3 AURORA trial readout for Descartes‑08, its lead cell‑based therapy for myasthenia gravis and...
SpaceX Targets $1.75 Trillion Valuation as Anthropic and OpenAI Gear Up for 2026 AI IPOs
SpaceX filed an S‑1 seeking a $1.75 trillion valuation, and insiders say Anthropic and OpenAI are preparing their own 2026 IPOs. The three AI powerhouses could dominate market allocations, push valuations higher, and force investors to weigh soaring AI compute costs...
Databricks Hits $134 B Valuation Ahead of Expected IPO, Boosting Data Lakehouse Race
Databricks closed a $7 billion financing round that included $5 billion in equity, lifting its valuation to $134 billion—just months after a $1 billion raise at a $100 billion-plus level. The surge fuels speculation of a massive IPO and sharpens the data lakehouse showdown with...
The Largest Bank M&A Deals Are Now the Fastest to Close
Bank mergers and acquisitions valued at $500 million or more are closing in just 126 days on average this year. That pace is roughly one‑third of the 369‑day average in 2024 and far faster than the 211 days recorded in 2025....
SpaceX Investor Powerlaw to Debut on Nasdaq as IPO Race Heats Up
Powerlaw Corp., a closed‑end fund that owns stakes in Elon Musk’s SpaceX and AI leader OpenAI, is set to debut on Nasdaq without raising new capital. The fund will list Wednesday, with 20% of its 43.24 million shares immediately tradable and...
Gas-Based Hydrogen Hopeful Among Shortlisted “Low-Emission” Proposals for Troubled Whyalla Steelworks
Australia’s Whyalla steelworks and the nation’s only manganese smelter are nearing new ownership after a competitive shortlist was announced. M Resources, backed by Hazer Group’s low‑emission hydrogen technology, and India’s Jindal Steel emerged as the two final bidders, while BlueScope...
PetMed Express (PETS): High-Risk Turnaround, Hidden Assets, Activism
PetMed Express (PETS) is a struggling pet‑pharmacy whose shares trade around $2.20, well below prior acquisition bids of $4‑$4.25 per share. The company’s balance sheet includes $26.9 M cash, a 14.6‑acre Florida campus valued at roughly $35 M, and other assets that...
Pasqal Moves Toward Nasdaq Listing Through Bleichroeder SPAC Deal
Pasqal Holding SAS announced a Form F‑4 filing to merge with Bleichroeder Acquisition Corp. II, a Nasdaq‑listed SPAC. The transaction values Pasqal at roughly $2 billion pre‑money and would deliver about $500 million in gross proceeds once closed. Pasqal, a leader in neutral‑atom quantum...
Investors Flock to SpaceX IPO as Starlink Valuation Rockets Toward $1.75 Trillion
SpaceX filed its S‑1 this week, seeking a $1.75 trillion valuation that would make it the largest U.S. IPO ever. The filing highlights Starlink’s expanding broadband footprint, a $28.5 trillion addressable market and a $90 billion stake held by Antonio Gracias. Investors are...
US Treasury Auctions $69B of 2 Year Notes at a High Yield Of
The U.S. Treasury auctioned $69 billion of two‑year notes, closing at a 4.071% yield—the highest in recent months. Demand was solid, with a bid‑to‑cover ratio of 2.64×, slightly above the six‑month average. Dealer participation fell to 12.3% while direct investors captured...
HSBC Launches First Green Revolving Loan for Circulate Capital in Asia
HSBC has issued its first revolving green loan facility to impact‑investor Circulate Capital, giving the fund a flexible source of liquidity for circular‑economy projects in South and Southeast Asia. Structured under the APLMA Green Loan Principles, the facility follows Circulate...