UK's FTSE 100 Starts New Week Flat; GSK Gains

European equities traded in the US as American depositary receipts started the week modestly higher late Monday morning, rising 0.28% to 1,406.36 on the S&P Europe Select ADR Index.

From continental Europe, the gainers were led by accommodations booking site trivago and financial services company Banco Santander , which rose 3.9% and 2.2% respectively. They were followed by financial services company Banco Bilbao Vizcaya Argentaria , which was up 0.4%.

The decliners from continental Europe were led by internet browser company Opera and biopharmaceutical company DBV Technologies , which dropped 67.6% and 6.6% respectively. They were followed by 3D printer company Materialise and biotech firm Evaxion Biotech E, which lost 3.4% and 3.2% respectively.

From the UK and Ireland, the gainers were led by telecommunications operator Vodafone Group and utilities company National Grid , which advanced 3.5% and 1.6% respectively. They were followed by pharmaceutical company GSK and cruise line operator Carnival , which increased 1.8% and 1.5% respectively.

The decliners from the UK and Ireland were led by biopharmaceutical companies NuCana and TC Biopharm , which fell 7.1% and 7.2% respectively. They were followed by biopharmaceutical companies Biodexa Pharmaceuticals B and Verona Pharma , which were down 4.3% and 4.4% respectively.

National Grid said Monday it has agreed to sell its onshore renewables business in the US to Brookfield Asset Management and its partners for an enterprise value of nearly $1.74 billion.

The divestment of National Grid Renewables US is part of National Grid's strategy to streamline its business and focus on networks, the company said.

The transaction, which is subject to certain consents and regulatory approvals, is expected to be completed in H1 of the financial year ending March 31, 2026.

National Grid (NG.L) will divest its National Grid Renewables US' onshore renewables unit as part of its efforts to streamline its operations.

The British utility will sell the unit at an enterprise value of $1.74 billion, subject to adjustments, to Brookfield Asset Management and its institutional partners, including Brookfield Renewable Partners, according to a Monday release.

Closing of the transaction is expected in the first half of the fiscal year ending March 31, 2026, and is subject to requirements and regulatory approvals.

GSK launched the first 700 million-pound-sterling tranche of its share buyback program worth 2 billion pounds on Monday, according to a same-day filing.

Citigroup Global Markets, on behalf of the pharmaceutical giant, will repurchase up to 411,703,340 shares at 0.3125 pound apiece until June 13. All bought-back shares will be held in treasury.

The program, set to be completed within 18 months, is intended to reduce the share capital of the company.

By Elena Vardon

National Grid struck a deal to sell its onshore renewable business in the U.S. to Brookfield Asset Management and its institutional partners for $1.735 billion.

The London-listed utility said Monday that the cash deal was set to close in the first half of the fiscal year ending on March 31, 2026, subject to approvals.

"This transaction is another important step in delivering National Grid's previously communicated strategy to focus on networks and streamline our business," the group said.

National Grid Renewables operates utility-scale, solar, onshore wind and battery storage assets in the U.S.

Write to Elena Vardon at elena.vardon@wsj.com

GSK completed the acquisition of US-based clinical-stage biopharmaceutical company IDRx for a total cash consideration of up to $1.15 billion.

The target company is focused on developing precision therapeutics to treat gastrointestinal stromal tumors.

The pharmaceutical giant made an upfront payment of $1 billion, while the remaining amount is conditional on the success of regulatory approval. GSK added that it will also be responsible for success-based milestone payments and tiered royalties for IDRx's lead molecule IDRX-42 owed to Merck KGaA .