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Siemens to buy Boston's Dotmatics for $5.1 billion
The offices of Siemens AG in Nuremberg, Germany.
Michaela Handrek-Rehle/Bloomberg
Siemens AG has agreed to acquire Boston-based Dotmatics for $5.1 billion as part of a push to provide more artificial intelligence software to life sciences companies. The German company announced the deal for the Insight Partners-backed R&D software maker in a statement Wednesday that confirmed an earlier Bloomberg News report. The transaction is expected to close in the first half of fiscal year 2026, Siemens said. 'Combining our next-generation scientific intelligence platform and industry-leading scientific applications together with Siemens' Digital Twin and AI capabilities, we'll drive a new wave of innovation in life sciences R&D,' Dotmatics chief executive Thomas Swalla said in a separate statement. The transaction comes at a time when Insight is in the process of exiting other portfolio companies to strategic buyers. Last month, Alphabet Inc. agreed to buy Insight-backed cloud-security company Wiz Inc., while CoreWeave Inc. said it was acquiring AI developer platform Weights & Biases and Roper Technologies Inc. said it would acquire CentralReach. Dotmatics was founded in 2005 by Merck & Co. scientists Stephen Gallagher and Alastair Hill. More than 2 million scientists in 125 countries use its software, which helps to digitize lab data, enhance collaboration, and analyze findings, according to the company's website. — BLOOMBERG NEWS
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STOCKS
Newsmax plunges 77 percent after $29 billion surge loses momentum
Newsmax Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York.
Michael Nagle/Bloomberg
Newsmax Inc. shares shed more than three-quarters of their value on Wednesday after a raucous two-day surge fueled in part by retail traders briefly made it larger than Fox Corp. The stock slumped 77 percent, wiping out $23 billion in market value, after a 2,230 percent surge in Newsmax's first two days as a public company. Retail investors were less vocal about the stock in trader chatrooms compared to prior days, with buy orders on Fidelity's platform more muted compared to those for larger companies. Still, the company's stock remains up more than 400 percent from its $10 offer price, giving it a more than $6 billion market capitalization, which means plenty of early buyers are sitting on vast amounts of paper wealth. — BLOOMBERG NEWS
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GAMING
Nintendo's Switch 2 priced at $450 for June 5 launch
A Nintendo Switch display at an electronics retail chain store in Tokyo.
Koji Sasahara/Associated Press
Nintendo has announced a June 5 launch date and $449.99 price tag for its latest gaming console, the Switch 2, which will introduce interactive chat and screenshare functions to connect gamers. In its 60-minute Nintendo Direct presentation on Wednesday, the company revealed a more vibrant display on the Switch 2, a larger screen and several games that will launch with the console. Central to its updated system is a new 'C' button on its Joy-Con controller, which will launch a 'GameChat' feature that requires a subscription to Nintendo's Switch online service. It allows players to 'communicate with friends and family while playing a game,' and lets them share their game screen with others. A built-in microphone will also allow chatting with other gamers. 'When you think about some of the biggest titles on (the Nintendo Switch), it's like Mario Kart, Super Mario Jamboree, even though that's quite a new title, has cracked the top 10 of most played games on the console. So, it does make a lot of sense that the sort of headline feature is geared primarily towards that sort of use,' said Hannah Cowton-Barnes, a London-based video game industry expert for Tech Advisor. — ASSOCIATED PRESS
GOVERNMENT
HHS layoffs mean that data on drug use and mental health could sit unused
The Department of Health and Human Services headquarters in Washington, D.C.
Anna Moneymaker/Getty
Most teenagers don't use drugs. There's data to show that because of a 50-year-old government survey that may now be in jeopardy. The entire 17-member US government team responsible for the National Survey on Drug Use and Health received layoff notices Tuesday, as part of the overhaul of the US Department of Health and Human Services. It's not clear whether there is an alternative plan to analyze the data, which local and state governments use to develop prevention measures and treatment services. The federal government distributes grant money to fight the opioid addiction crisis based on it. Researchers use it to study trends in depression, alcoholism, and tobacco use. An HHS spokesman did not immediately respond to a question about the survey's future. The nationally representative survey is conducted in person by an independent research group with about 70,000 people each year. It provides a more complete picture than trends in overdose deaths, which capture only a small segment of the problem, said Lindsey Vuolo of the Partnership to End Addiction. 'We use its findings on a near daily basis in our research, educational programming and resources, and communication materials,' Vuolo said of the survey. Before the layoffs, the government team was preparing to analyze 2024 data, the first year where trends would be reliable again since the pandemic disrupted data collection, said Jennifer Hoenig, the laid-off director of the Office of Population Surveys. — ASSOCIATED PRESS
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GOVERNMENT
SEC to restructure regional offices to streamline management
The US Securities and Exchange Commission (SEC) headquarters in Washington, D.C.
Kent Nishimura/Bloomberg
The US Securities and Exchange Commission will reorganize 10 regional offices under broader geographic areas and decrease the number of people reporting directly to the agency's enforcement director, acting Chair Mark Uyeda said in a staff-wide email Wednesday. 'The current management structure simply cannot be sustained,' Uyeda wrote in an email reviewed by Bloomberg. The change will be effective April 9. Enforcement staff will report to deputy directors for geographical areas and an enforcement director for the specialized units, according to the email. The new western region will cover Denver, Fort Worth, Los Angeles, and San Francisco, while the southeast region will include Atlanta, Miami, and the SEC's home office in Washington, DC. The northeast geographic region will include the staff of the Boston, Chicago, New York, and Philadelphia offices. The email detailed changes on reporting structures and didn't say if offices would close. SEC regional offices conduct enforcement and examinations work for the agency, among other tasks. Uyeda in his message to the staff said the changes were intended to maintain the importance of the regional offices. 'The reporting lines in the Divisions of Enforcement and Examinations will be realigned to better reflect each Division's national programs and are intended to improve efficiency, management, and oversight of the Divisions,' the SEC said in a statement. Reuters reported earlier the SEC plans to restructure its enforcement division. — BLOOMBERG NEWS
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Business Insider
20 minutes ago
- Business Insider
Upcoming Stock Splits This Week (June 9 to June 13)
These are the upcoming stock splits for the week of June 9 to June 13, based on TipRanks' Stock Splits Calendar. A stock split is a corporate maneuver that increases the number of shares outstanding by issuing more shares to existing holders, all while keeping the company's total market value unchanged. This lowers the price per share, often making the stock more affordable and potentially more appealing to retail investors. Confident Investing Starts Here: In contrast, a reverse stock split reduces the number of shares by consolidating them, which raises the price per share without affecting the company's valuation. Companies typically turn to this strategy to meet stock exchange requirements – like Nasdaq's minimum price threshold – and avoid delisting. Whether intended to boost investor interest or maintain compliance with exchange rules, these adjustments often serve as key signals for traders tracking a company's strategic direction. Let's take a look at the upcoming stock splits for the week. Nektar Therapeutics (NKTR) – Nektar Therapeutics is a biopharmaceutical company developing novel drug candidates. Following stockholder approval on May 23, the company formalized a 1-for-15 reverse stock split. The split takes effect on June 8, with trading on a split‑adjusted basis beginning June 9. Fangdd Network Group (DUO) – China-based Fangdd is a technology-driven real estate platform. The company confirmed a 16-for-1 reverse share consolidation, effective June 9, aimed at boosting its share price and maintaining compliance with listing standards. Bone Biologics (BBLG) – Bone Biologics develops orthobiologic products for spinal fusion procedures. After gaining shareholder approval on May 30, the company filed for a 1-for-6 reverse stock split, which takes effect on June 10. The goal is to elevate its share price back into compliance with Nasdaq's minimum pricing rules and enhance its appeal to institutional investors. Cero Therapeutics Holdings (CERO) – Cero Therapeutics is a biotech firm developing engineered T-cell immunotherapies for cancer. Following shareholder approval in November and board action on December 25, it enacted a 1-for-100 reverse stock split effective on January 8, consolidating every 100 shares into one. The move aimed to boost the stock above $1.00 and secure compliance with Nasdaq's listing standards. Inuvo, Inc. (INUV) – Inuvo specializes in AI-powered marketing technologies and is gearing up for a 1-for-10 reverse stock split on June 10. The move is designed to lift its share price, restore Nasdaq compliance, and strengthen its financial foundation for future growth. O'Reilly Automotive (ORLY) – O'Reilly Automotive is a specialty retailer of automotive aftermarket parts and accessories. On March 13, the company declared a 15-for-1 forward stock split, with the distribution of additional shares set for June 9 and split-adjusted trading beginning June 10. SaverOne 2014 (SVRE) – Israel-based SaverOne develops driver safety systems that block mobile-device distractions in vehicles. The company executed a 1-for-3 reverse ADS split, effective June 11, adjusting its American Depositary Share ratio to strengthen its Nasdaq standing and enhance market appeal. China Natural Resources, Inc. (CHNR) – China Natural Resources is focused on mining exploration in Inner Mongolia and is working toward picking up Zimbabwe's Williams Minerals lithium mine for up to $1.75 billion. The company executed an 8-for-1 reverse stock split effective June 12 to meet Nasdaq's $1 minimum bid price requirement, converting every eight shares into one to boost its per-share value and comply with listing rules
Boston Globe
2 hours ago
- Boston Globe
The Trump administration canceled an $87 million award for this MIT startup. But life goes on.
Advertisement On May 20, Suffolk Technologies, a venture capital arm of Boston-based Suffolk Construction, announced it had invested an unspecified amount of money in Sublime and pre-purchased some of the cement that will be made in Holyoke. Two days later, Sublime announced an agreement with Microsoft in which the software giant will buy more than 620,000 metric tons of Sublime cement over up to nine years. Last fall, two of the world's largest cement suppliers, Holcim and CRH, together invested $75 million in the company. The company has also raised $45 million in venture capital funding, including from Lowercarbon Capital and Engine Ventures. And on Thursday, Sublime disclosed a roster of nine construction companies, including Suffolk, that have agreed to act as sales partners to pitch Advertisement The Holyoke factory is expected to be completed in 2027 and provide jobs for at least 70 people after it opens. The plant will still get some subsidies, including $47 million in federal tax credits that remain in place, $1.05 million in state tax credits, and $351,000 in local property tax breaks. Site work has begun in Holyoke, but not construction of the actual building. Joe Hicken, senior vice president of business development at Sublime, declined to say what kind of impact, if any, the Department of Energy's action will have on the project's timing. He noted that Sublime's mission dovetails with the Trump administration's goal of boosting American manufacturing. 'If anything, that termination letter is one data point,' Hicken said. 'We have many other data points associated with commercial movement [and] for every plan that we talk about publicly, we have 10 backup plans waiting for their day to shine.' Builders such as those at Suffolk and Consigli Construction in Milford have come to appreciate the technology developed by Sublime cofounders Leah Ellis and Yet-Ming Chiang. The process they developed replaces traditional kilns with electrolysers that make cement from calcium sources, avoiding the intense release of carbon dioxide from the super-heating of limestone used to make most cement. So far, Sublime's production has been limited to small test batches, including a foundation section included in the new building WS Development finished for Amazon in the Seaport. Consigli vice president Todd McCabe said his company signed up to sell Sublime cement because its executives are always looking for ways to build more sustainably and efficiently, and Sublime's clean cement will help with that. Advertisement At Suffolk, executives decided to buy equity in Sublime. Suffolk followed the startup soon after its 2020 inception. As Sublime moved closer to commercialization, Suffolk chief technology officer Jit Kee Chin decided it was the right time to invest. 'They're getting to the point where it's about to go to market,' Chin said. 'Really, it's no longer a science experiment. ... This is the right time for us to go in and really support them.' Chin said many of Suffolk's clients are keenly interested in Sublime's goal of creating a cost-effective, low-carbon cement that's just as effective as traditional cement, known as portland cement. The news about Sublime losing the federal award came as a disappointment to Ben Downing, the chief strategist at the Engine, a nonprofit startup accelerator affiliated with MIT and with VC firm Engine Ventures. Although it's a significant amount of money, Downing has confidence that Sublime will be able to finish the Holyoke factory. 'We know there's a lot of chaos in Washington but we believe in the science and we believe in the team,' Downing said. 'It's bad news, but if any team is going to be able to respond to it and grow and scale it, they're going to find a way [and] I know Holyoke and Massachusetts will be better for it.' Jon Chesto can be reached at
Yahoo
3 hours ago
- Yahoo
DHL Express locks out workers across Canada, adding to parcel sector turmoil
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