Concord Medical (CCM) director Wayne Yu files initial Form 3 report

Two Harbors Investment Corp. (TWO) received final regulatory approval for its merger with CrossCountry Mortgage (CCM). The deal, expected to close by Aug. 25, will give TWO shareholders $12 per share and a prorated dividend. TWO faces a $500M+ lawsuit from UWM over the merger.

CCM’s parent plans to sell $750M in senior unsecured notes to refinance its MSR credit line tied to the $1.26B Two Harbors transaction. Fitch expects a BB-(EXP) rating and says proceeds would repay MSR-backed facilities. The deal would add a $159B servicing portfolio to CCM’s $202B book, moving it to No. 8. Fitch projects corporate leverage rising to 2.4x, with leverage reduction needed to avoid downgrade.

Fitch said CCM’s leverage may rise temporarily as it issues $500M in debt to fund its near-closing $1.26B deal to buy Two Harbors. The combined servicing portfolio would total $159B plus CCM’s $202B (Q1). Fitch noted a shift to unsecured debt could support liquidity, while ratings depend on reducing leverage toward 1.0x.

Mortgage rates edged up on renewed U.S.-Iran war risks, while applications were largely unchanged. Two Harbors (TWO) shareholders approved its acquisition by CrossCountry Mortgage (CCM) for $12/share cash plus a stub dividend, pending election certification. ICE reported delinquencies rose to 3.5% due to a calendar effect. MBA said housing supply may outpace demand in early 2030s.

BioNTech (NASDAQ:BNTX) halted a mid-stage trial of its mRNA cancer vaccine, autogene cevumeran, due to an overall survival imbalance. The decision raises concerns about its mRNA strategy in colorectal cancer and other 'cold' tumors. BioNTech plans to continue other trials, including one for pancreatic cancer and BNT113 for head and neck cancer. The company also focuses on diversifying its oncology pipeline. According to Reuters, the news caused a 7.5% drop in BioNTech's US-listed shares.

Volkswagen (VW) plans to produce components for Israel's Iron Dome missile defense system at its Osnabrück, Germany factory. The move is part of VW's restructuring efforts amid economic challenges and competition. The project involves a joint venture with Israeli defense company Rafael and the German state of Lower Saxony, aiming to overcome opposition from Qatar's sovereign wealth fund, a VW stakeholder. This marks VW's return to defense-related manufacturing as European defense spending rises.