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Why Akcea Therapeutics Stock Skyrocketed Today

TheMotleyFool

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Why Akcea Therapeutics Stock Skyrocketed TodayPhoto, wide shot, wide-angle lens, Clinical research organization, sunset photo at golden hour, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/02f7778c-d723-4fb3-bdef-fabb7e5fc9c8.png

Shares of Akcea Therapeutics (NASDAQ: AKCA) soared 60% on Monday after the biopharmaceutical company announced that it had agreed to be bought out by Ionis Pharmaceuticals (NASDAQ: IONS).

Ionis will acquire the 24% of Akcea's stock it doesn't already own for $18.15 per share, a premium of about 63% compared to its closing price on Friday. The all-cash deal values Akcea at roughly $500 million.

Ionis Pharmaceuticals and Akcea Therapeutics are joining forces. Image source: Getty Images.

Source Fool.com

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