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2026-07-23 09:43 2d ago
2026-07-23 04:35 3d ago
Scancell to join Nasdaq through Neuphoria merger and $89 million funding package
SGRO SEGRO
FMP Stock News
Original source text
Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF, FRA:SCP), the Oxford-based cancer immunotherapy developer listed on London's junior AIM market, has agreed an all-share merger with US biotech Neuphoria Therapeutics that will give it a Nasdaq listing and access to American investors.

The combined group will keep the Scancell name and apply to trade on Nasdaq under the ticker SCLT, while retaining its existing AIM quotation.

Alongside the deal, Scancell expects to raise up to $89 million through a mix of equity and debt to fund a global registrational phase III trial of its lead treatment in advanced melanoma.

The company has secured commitments from new and existing shareholders for a private placement of $39.1 million, roughly £29.2 million.

It is launching a UK placing today to raise about $12 million and a retail offer of up to $3 million.

Scancell has also signed a non-binding term sheet with funds managed by BlackRock for debt financing of up to $25 million.

Completion of the merger is expected to bring at least a further $10 million into the enlarged group from Neuphoria's own cash balances.

Existing Scancell shareholders will own 85.5% of the combined company on a pro forma basis, with Neuphoria holders taking 14.5%.

The lead asset, iSCIB1+, is an off-the-shelf immunotherapy designed to prompt the patient's own immune system to attack tumour cells.

It has fast-track designation from the US Food and Drug Administration, a status intended to speed the review of treatments addressing serious conditions.

Data from the mid-stage SCOPE study showed 77% progression-free survival at 22 months when the treatment was combined with the established checkpoint drugs ipilimumab and nivolumab.

Further progression-free and overall survival data from that study are expected within the next 12 months.

The financing is intended to carry the phase III trial through to its primary readout in the second half of 2028 and to extend the group's cash runway into 2029.

Chief executive Dr Phil L'Huillier said the transaction gave Scancell access to US investors and the wider American life sciences sector for the capital needed to run the registrational study.

Neuphoria chairman Alan Fisher said the deal let his shareholders participate in the future value of Scancell's oncology pipeline while retaining potential upside from Neuphoria's partnered assets through contingent value rights.

Both boards have approved the transaction unanimously, and it requires shareholder approval on both sides.
2026-07-23 09:43 2d ago
2026-07-23 04:41 3d ago
SEGRO jumps after board agrees to recommend Prologis deal
SGRO SEGRO
FMP Stock News
Original source text
SEGRO PLC (LSE:SGRO) shares jumped 7% to 957p in early trading on Thursday after the board of the warehouse developer said it "would be minded" to recommend the "best and final" takeover proposal made by Prologis Inc (NYSE:PLD), after the US logistics property group raised its offer and committed to a secondary London listing.

Prologis offered 0.092 new shares for each Segro share, alongside a partial cash alternative of up to £3.5 billion. Based on Prologis's closing price on Tuesday, the proposal valued Segro shares at 1,031.7p each and the company at around £14 billion.

Under the offer, Segro shareholders would also retain the property group's final dividend of up to 22.56p per share, taking the total potential value to 1,054.3p. They would additionally be entitled to an interim dividend of up to 10.14p.

The revised terms represent a 9.5% improvement on Prologis's initial approach and a 39% premium to Segro's undisturbed share price.

On Monday, Segro had rejected a third proposal worth 993p per share, which led Prologis to accuse the company's board of relying on an "aspirational valuation built on unrealistic assumptions", before raising its bid for a fourth time.

Following further talks on Wednesday, Prologis has now contractually agreed to establish a secondary listing of its shares on the London Stock Exchange by the completion of any deal.

Segro's board said it had unanimously concluded that the latest financial terms were at a level it would recommend, subject to due diligence and agreement on the remaining conditions.

The takeover deadline for Prologis to announce a firm offer has been extended from Thursday to 5pm on 12 August.

Broker Panmure Liberum said: "We do not view paying shareholders with their own dividends as an increase in offer value, but this appears to be an increasingly common feature of public takeover negotiations."

Even including the retained dividend, the implied value remains below the broker's 1,300p target price and below both its assessment and SEGRO's own assessment of the value embedded in its development pipeline. 

However, the broker said that the commitment to establish a London secondary listing "is a meaningful development".

"The board's willingness to recommend materially increases the probability of a transaction completing on broadly these terms."
2026-06-24 14:44 1mo ago
2026-06-24 03:32 1mo ago
SEGRO rejects £12.6bn all-share bid from Prologis
SGRO SEGRO
FMP Stock News
Original source text
Shares in Segro PLC (LSE:SGRO) surged 15.5% to 857p after US giant Prologis Inc (NYSE:PLD) went public with a possible offer for the FTSE 100-listed logistics property group, after its board rejected a £12.6 billion all-share takeover proposal.

The New York-listed warehouse landlord said it wrote to Segro's board on 16 June with an indicative proposal under which Segro shareholders would receive 0.084 new Prologis shares for each Segro share held.

Segro rejected the proposal on Tuesday, 23 June.

Based on Prologis' closing share price on that day and prevailing exchange rates, the proposal values Segro at 925p a share, a 24.6% premium to the closing share price of 742p and matching the group's last reported EPRA net tangible assets per share at the end of 2025.

If completed, Segro shareholders would own about 10.5% of the enlarged group.

In its response, Segro said its board "unanimously and unequivocally" rejected the proposal, arguing that the proposed offer "falls a long way short" of its assessment of the company's value.

Having considered the bid with its advisers, they believe the proposal "was opportunistically timed and sought to take advantage of the clear dislocation between Segro's current share price and its highly attractive underlying business and strong prospects.

"This has been accentuated by major geopolitical issues which have adversely impacted trading valuations across the UK and European real estate sectors relative to the US REIT sector."

Segro said it remained "very confident" in its strategy, balance sheet strength and ability to deliver substantial value for shareholders in the years ahead.

Prologis arguments Prologis, the world's largest logistics real estate investment trust at a $139 billion market cap and with over 1.2 billion sq ft across 19 countries, said the combination would give Segro investors exposure to a larger global platform while providing access to greater financial resources.

The San Francisco-based company argued that Segro's growth has been constrained by its balance sheet and highlighted its shares have "traded at a persistent discount" to the value of its underlying assets, pointing to its own stronger total shareholder returns over three and five years.

The US group also said its greater financial firepower could unlock "significant embedded value of Segro's development and data centre pipeline in a way that Segro will not be able to do on a standalone basis".

Prologis, which has until 22 July to make a formal offer for Segro, urged shareholders to press the board to engage in talks.

Wider effects Its announcement gave a boost to the wider sector, with Tritax Big Box REIT PLC (LSE:BBOX) climbing 5.4%, British Land Company PLC (LSE:BLND) 3.2%, Land Securities Group PLC (LSE:LAND) 3% and LondonMetric Property PLC (LSE:LMP) 2.8% among the blue-chips. On the FTSE 250, Big Yellow Group PLC (LSE:BYG) rose 4%, Great Portland Estates (LSE:GPOR) 3.75%, Hammerson PLC (LSE:HMSO) 3.3% and Shaftesbury Capital PLC (LSE:SHB) 3%.

Broker Stifel said: "Segro's current market cap of £10bn represents just under 20% of the entire EPRA UK REIT Index. If Segro were to be taken over, it would represent a serious challenge to the long-term viability of the UK Listed property sector." 

  ** UPDATE: Adds shares prices and broker comment **
2026-06-24 14:44 1mo ago
2026-06-24 03:56 1mo ago
Coiled Therapeutics appoints biotech veteran Craig Tooman to board
SGRO SEGRO
FMP Stock News
Original source text
Coiled Therapeutics (AIM:COIL, OTCQB:COTXF), the AIM-listed clinical-stage oncology company, has appointed Craig Tooman as an independent non-executive director with effect from 25 June.

Tooman most recently served as president, chief executive and board director of Silence Therapeutics, the Nasdaq-listed siRNA company.

He brings more than 30 years of pharmaceutical and biotechnology leadership experience spanning clinical, operational, financial and capital markets roles.

The company said Tooman had directly participated in raising nearly $9 billion in capital across his executive and board roles.

At Silence Therapeutics, he helped transform the business from an early-stage UK research enterprise trading mainly on AIM into a well-financed Nasdaq-listed global developer.

Coiled said his career included a string of strategic transactions.

As chief executive of Aratana Therapeutics (NASDAQ:PETX), he negotiated its $250 million merger with Elanco, while at ILEX Oncology he led a $1.1 billion acquisition by Genzyme (NASDAQ:GENZ).

He also served on the supervisory board of CureVac until its acquisition by BioNTech in 2025.

Coiled said his oncology background aligned with its precision medicine focus and lead candidate, AO-252.

Chairman Sotirios Stergiopoulos said Tooman's public company track record and ability to finance and scale clinical-stage companies would be valuable as the company advanced AO-252 through the clinic and broadened its investor base.
2026-06-24 14:44 1mo ago
2026-06-24 07:29 1mo ago
Prologis 'clearly' can make a higher offer to secure Segro deal, analysts say
SGRO SEGRO
FMP Stock News
Original source text
Segro PLC's (LSE:SGRO) rejection of a £12.6 billion takeover approach from US giant Prologis Inc (NYSE:PLD) may be only the opening round in what could become one of the biggest UK property deals in years.

The US logistics giant's all-share proposal valued Segro at 925p a share, a 24.6% premium to the undisturbed share price and broadly in line with the company's last reported net asset value.

That was not enough for Segro's board, which dismissed the approach as "opportunistically timed" to take advantage of the "clear dislocation between Segro's current share price and its highly attractive underlying business and strong prospects" and "falls a long way short" of its assessment of the company's value.

The key question now is whether Prologis comes back with more.

Analyst John Cahill at Stifel believes it can. With a market value of around $139 billion and substantial financial resources, "an improved offer is clearly possible" from Prologis.

And the act of taking its offer public, said AJ Bell's Dan Coatsworth, "suggests the initial all-share bid submitted last week is just its opening salvo and that Segro’s rejection won’t be the final word in the story".

Segro's shares trade at about a 20% discount to net assets, reflecting a wider malaise across the UK REIT sector that has left even its strongest companies looking vulnerable to deep-pocketed overseas bidders.

Other analysts argued that a bid based on current NAV understates Segro's attractions.

Bjorn Zietsman at Panmure Liberum said the important consideration is whether an offer adequately compensates shareholders for the future returns available from Segro's development pipeline, urban logistics portfolio, power infrastructure and emerging data centre operations.

Notably, Prologis' own rationale "appears to support this view", Zietsman said, noting that the US company repeatedly highlighted the embedded value within these opportunities and its belief that its scale and financial strength can accelerate their monetisation.

Peel Hunt analyst Matthew Saperia agreed that future returns were a key consideration, arguing that the latent value in Segro's pipeline alone warrants a premium valuation. As such, he said, "we do not view an offer on these terms as attractive".

On the other side of the coin, Cahill said the Segro board and management team "would need to consider the best interests of shareholders given the UK REIT sector has traded at a significant discount to NTA for some years," even for companies with benefit from fully liquid equity, a portfolio in a structurally supported sector, a strong balance sheet and a management team with a proven track record for excellence". 

The wider implications extend beyond Segro, as the company represents almost a fifth of the UK listed property sector by value.

If Prologis succeeds, it would remove one of the market's largest and highest-quality REITs and, said Cahill, "would represent a serious challenge to the long-term viability of the UK listed property sector".
2026-06-24 14:44 1mo ago
2026-06-24 07:34 1mo ago
American Rare Earths strengthens board with veteran Wyoming mine builder ahead of planned Nasdaq listing
SGRO SEGRO
FMP Stock News
Original source text
Veteran mine builder Matthew Gili will join American Rare Earths Ltd (ASX:ARR, OTCQX:ARRNF)'s board as a non-executive director as the company advances the Halleck Creek Rare Earths Project in Wyoming and prepares for a planned Nasdaq compliance listing in H2 2026.

Gili is currently president and CEO of Ur-Energy Inc, a NYSE American and TSX-listed Wyoming uranium producer, and brings more than 25 years of mine development and operational experience across major global mining groups including Rio Tinto and Barrick.

His appointment remains subject to completion of Australian regulatory formalities, which American Rare Earths expects to be completed shortly.

Once formally appointed, Gili will join the company’s Technical Committee and contribute to the Definitive Feasibility Study workstream at Halleck Creek, which American Rare Earths describes as the largest known rare earth deposit in the United States on a total rare earth oxide basis.

Board renewal ahead of US listing plans The appointment forms part of a broader board renewal process as ARR works toward a Nasdaq compliance dual-listing in H2 2026, while retaining the ASX as its primary listing.

The company is also considering a full US domicile in 2027, subject to a prospective shareholder vote.

CEO Mark Wall said Gili’s operational experience and Wyoming background would strengthen the board as Halleck Creek moves toward construction and production.

“The intended addition of Matt to our Board of Directors further demonstrates our commitment to advancing the largest rare earth element deposit on a total contained rare earths basis in the United States toward construction and operations. Matt brings a tremendous blend of mining technical expertise and Wyoming-specific experience to both the Board and the Technical Committee. His depth of operational knowledge, his relationships in Wyoming, and his proven track record of delivering world-class mining projects, including building the first new copper mine in the United States in a decade, make him exactly the right person to help us get Halleck Creek built.

“As we progress toward our NASDAQ listing later this year, appointments of this calibre send a clear message to U.S. investors about the quality of the team and the seriousness of our intent. Matt's experience managing ISR uranium operations in Wyoming gives him first-hand knowledge of the hydrometallurgical processing chemistry that will be central to bringing Halleck Creek into production. The parallels between uranium and rare earth processing are substantial and practically meaningful. This is not simply a credential; it is operational expertise that will directly benefit our Technical Committee and Feasibility Study.”

Wyoming experience to support Halleck Creek Gili is based in Casper, Wyoming, and has direct operational experience in the state’s regulatory, permitting and community environment.

American Rare Earths said that experience was directly relevant to Halleck Creek, which is in Albany and Platte counties, and to the Cowboy State Mine area within the broader project.

The company has started its 2026 feasibility-study-level drilling program at Cowboy State Mine, targeting geological and geotechnical data to support ore reserve estimates, engineering, environmental baseline studies and pilot-scale metallurgical test-work.

Gili said the company was at an important point in the development of a domestic rare earths supply chain.

“ARE is at a pivotal moment for the domestic rare earths industry. The strategic mandate for secure, reliable supply chains has never been stronger, and assets of Halleck Creek's scale and quality come along once in a generation. Throughout my career I have focused on building safe, high-performing mines and operational teams that execute.

“My experience leading ISR uranium operations in Wyoming has given me a direct understanding of the hydrometallurgical processing disciplines acid leaching, solvent extraction, ion exchange that are at the heart of rare earth extraction and separation. I have seen how these technologies operate at scale in a Wyoming regulatory and environmental context, and I believe that experience will be genuinely useful as American Rare Earths advances toward its Definitive Feasibility Study and processing pilot programmes at Halleck Creek.

“Wyoming is my home. I am proud to bring this experience to American Rare Earths and to work with the team to advance this world-class deposit into production for the benefit of our state, our investors, and our nation's supply chain security.”

Processing crossover with uranium ISR American Rare Earths said Gili’s background in uranium in-situ recovery, or ISR, was relevant because the processing route shares core chemistry with rare earth hydrometallurgy.

The company pointed to common processes including sulfuric acid leaching, solvent extraction, ion exchange, precipitation, drying and solution management.

Gili has overseen ISR uranium hydrometallurgy at Lost Creek, an operating Wyoming ISR facility, giving him experience in similar processing disciplines in the same state regulatory and environmental setting.

The company said the appointment would also add US public company experience as American Rare Earths works through the governance, disclosure and investor relations requirements associated with a Nasdaq listing.