Why Concert Pharmaceuticals Stock Rocketed Higher This Week
If all goes according to plan, Concert Pharmaceuticals (NASDAQ: CNCE) will soon cease to be an independent company. The biotech signed a deal to be acquired by a peer; as a result, its share price leaped more than 17% higher on the week, according to data compiled by S&P Global Market Intelligence.
That peer is India-based Sun Pharmaceutical Industries. On Thursday in a joint press release, Sun and Concert announced that they have agreed for the former to purchase the latter in a deal worth at least $576 million.
Specifically, Sun is to make a payment of $8 per Concert share in cash for the acquisition. The two companies didn't hesitate to point out that this is roughly 33% higher than the latter's 30-day-trailing weighted average share price as of Wednesday, Jan. 18.
Source Fool.com
