Avedro and Glaukos Join Forces
Shares of the leading hybrid ophthalmic pharmaceutical and medical technology company Avedro (NASDAQ: AVDR) rose by as much as 45% today on heavy volume, while fellow eye disease company Glaukos (NYSE: GKOS) saw its shares drop by a hefty 14.6% in the first half of today's session. What event triggered these moves?
After the closing bell Wednesday, Glaukos announced that it will acquire Avedro in an all-stock transaction. Per the terms of the deal, Avedro's shareholders will reportedly receive 0.365 shares of Glaukos stock for every share they own upon closing. The transaction is expected to close in the fourth quarter of 2019. As of 1:32 p.m. EDT, Avedro's stock was still up by a healthy 36.5%, whereas Glaukos' shares were down by approximately 11%, in response to this proposed merger agreement.
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