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Daily market recap: Here are the highlights from Thursday

27 December 2021 By
  • Crocs slides following acquisition of Hey Dude and Quidel acquires Ortho Clinical Diagnostics
  • SciPlay Corp shares were down after Scientific Games said it no longer plans to buy the remaining stake in the company.
  • Pfizer’ Paxlovid is the first of its kind Covid treatement pill to be cleared by the FDA.

Crocs announces $2.5 billion acquisition

Crocs Inc (NASDAQ:CROX) saw its shares tank after announcing a $2.5 billion acquisition. The Shoe manufacturing company is set to acquire Hey Dude for $2.5 billion in stock and cash. The deal subject to closing conditions and regulatory approval is expected to be completed by the first quarter next year. The American giant will be paying $2.05 billion cash while the rest $450 million will be paid to Hey Dude CEO Alessandro Rosano in stock.

SciPlay Corp slides following decision by Scientific Games

Shares of SciPlay Corp (NASDAQ:SCPL) went down 20% after Scientific Games (NASDAQ:SGMS) announced that it doesn’t plan on acquiring the remaining 19% stake of the video game developer. The gambling services and products company currently owns 81% of Sciplay which gives it a voting interest of 98%.

Scientific Games is currently offloading its lottery and sports betting company for $6.05 billion and $1.20 billion respectively, while the plan to acquire the remaining 19% of SciPlay was announced in July. Had the deal been completed, the deal would have switched each share of SciPlay with 0.25 share of Scientific Games for the stockholders.  

Pfizer gets its Covid pill approved by the FDA

Pfizer (NYSE:PFE) gets its Covid treatment pill Paxlovid approved by the US Food and Drug Administration (FDA). The pill is the first of its kind to receive the approval. The pills are to be used in case of emergency at-home. Pfizer on Wednesday agreed to sell around 4.25 million doses of Paxlovid to the United Kingdom. Pfizer has produced 80 million doses this year and aims to produce around 4 billion doses in 2022.

Quidel signs agreement to sign Ortho Clinical Diagnostics

Quidel Corporation (NASDAQ:QDEL) and Ortho Clinical Diagnostics (NASDAQ:OCDX) announced that they have entered into an agreement which will see Quidel acquiring Ortho. The deal is worth $6.0 billion and is expected to close during the 1st half of 2022. Quidel will be paying a premium of 25% over Ortho’s closing price on DEC 22 at $24.68 per share using a cash and newly issued share combination.