Golden Nugget Online Gaming Accepted Acquisition Offer and Axsome Therapeutics Received a Regulatory Update
Golden Nugget Online Gaming
Golden Nugget is an online gaming and gambling company that allows users to play casino games and bet on live-action sports. They have a market capitalization of $1.434 billion, and the company is led by billionaire businessman Tilman Fertitta, who owns the Houston Rockets.
Yesterday, it was announced that sports betting giant DraftKings would acquire Golden Nugget for $1.56 billion in stock, which continued a flurry of mergers and acquisitions in the industry. Analysts expected Golden Nugget to be acquired as they couldn’t compete with the other players in the industry. The deal also allows Fertitta to join the DraftKings board of directors, giving him a say in company decisions.
Axsome Therapeutics is a biotechnology company located in the heart of New York City. No, Otto Octavius does not work for them, and they aren’t set on killing Spider-Man. Instead, they focus on developing and manufacturing drugs for the nervous system. They are relatively large with a market cap of $1.052 billion.
On Monday, Axsome revealed to the public that the FDA sent them a regulatory update about deficiencies identified in their drug AXS-05, which is a potential treatment for major depressive disorder. This presents a problem because the drug is projected to bring in over $1.3 billion in sales per year for the next decade, so a hiccup in the approval process isn’t the most exciting news for investors.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.