On Tuesday Ocwen Financial Corp (NYSE:OCN)’s shares enhanced 11.16%, and closed at $9.26, as the Ocwen Financial Corporation declared that its partner, Ocwen Loan Servicing, LLC (“Ocwen”) and Nationstar Mortgage LLC, an indirectly-held, wholly-owned partner of Nationstar Mortgage Holdings Inc. (NSM) (collectively “Nationstar”) have agreed in principle to the sale by Ocwen of residential mortgage servicing rights on a portfolio compriseing of about 142,000 loans owned by Freddie Mac and Fannie Mae with a total principal balance of about $25 billion.
Subject to a definitive contract, approvals by Freddie Mac, Fannie Mae and FHFA and other customary conditions, Ocwen and Nationstar expect the transaction to close before mid-year.
Ocwen Financial Corporation, through its auxiliaries, is engaged in the servicing and origination of mortgage loans in the United States and internationally. The corporation’s Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset administration services to owners of mortgage loans and foreclosed real estate.
Axalta Coating Systems (NYSE:AXTA), inclined 9.81%, and closed at $31.11, hitting new 52-week high of $31.13, as the Axalta Coating Systems Ltd. declared that an associate of Berkshire Hathaway Inc. (“Berkshire Hathaway”) has entered into a definitive stock purchase contract with certain associates of The Carlyle Group (“Carlyle”) for the purchase of a total of 20 million of Axalta’s ordinary shares for an aggregate purchase price of $560 million, or $28.00 per share.
Axalta will not receive proceeds from the sale of the shares. In connection with the purchase, Berkshire Hathaway agreed that it would not dispose of the shares for 90 days following the consummation of the sale.
Axalta has agreed to provide Berkshire Hathaway with certain registration rights following the expiration of that 90-day period.
Axalta Coating Systems Ltd., through its auxiliaries, manufactures, markets, and distributes high performance coatings products primarily for the transportation industry. It operates through two segments, Performance Coatings and Transportation Coatings.
At the end of Tuesday’s trade, Energy Recovery, Inc. (NASDAQ:ERII), surged 8.52%, and closed at $3.44, as the Energy Recovery Inc. the leader in pressure energy technology for industrial fluid flows, recently declared the commissioning of its first IsoGenTM system for a gas processing plant owned by the Saudi Arabian Oil Corporation (Saudi Aramco). This marks Energy Recovery’s largest project to date in the oil and gas industry.
The IsoGen system is a turbogenerator system that recycles otherwise wasted pressure energy and converts it into electrical power. The system allows gas processing plants to reduce their reliance on the power grid by powering their plant with recovered pressure energy powered and recycled through their current operations.
The gas plant will use IsoGen to optimize production and energy consumption. Instead of completely relying on electrical power coming from the utility grid, the plant will now be able to power its operations in part through energy generated and recycled through the IsoGen device. Energy Recovery estimates that the plant will recover 3,400 MWh of energy per year.
Energy Recovery, Inc. designs, develops, and manufactures energy recovery devices (ERDs) to transform untapped energy into reusable energy from industrial fluid flows and pressure cycles.
Clovis Oncology Inc (NASDAQ:CLVS), gained 7.95%, and closed at $74.10, as the Clovis Oncology, Inc. declared that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy designation for the Corporation’s investigational agent rucaparib as monotherapy treatment of advanced ovarian cancer in patients who have received at least two lines of preceding platinum-containing therapy, with BRCA-mutated tumors, inclusive of both germline BRCA (gBRCA) and somatic BRCA (sBRCA) mutations.
Rucaparib is an oral, potent inhibitor of PARP1 and PARP2 being developed for the treatment of platinum-sensitive ovarian cancer, specifically in patients with tumors with BRCA mutations and other DNA repair deficiencies beyond BRCA, ordinaryly referred to as “BRCA-like” or “BRCAness.” The Breakthrough Therapy designation was granted based on interim efficacy and safety results from two ongoing Phase 2 studies of rucaparib in ovarian cancer, counting a Phase 2 study in women with gBRCA mutations, and the ARIEL2 treatment study.
Clovis Oncology, Inc., a biopharmaceutical corporation, focuses on acquiring, developing, and commercializing anti-cancer agents in the United States, Europe, and internationally. It is developing three product candidates which comprise Rociletinib, an oral epidermal growth factor receptor and mutant-selective covalent inhibitor that is in advanced clinical development for the treatment of non-small cell lung cancer; Rucaparib, an oral inhibitor of poly polymerase, which is in advanced clinical development for the treatment of ovarian cancer; and Lucitanib, an oral inhibitor of the tyrosine kinase that is in Phase II development for the treatment of breast and lung cancers.
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