Why Shares of Amryt Pharma Jumped This Week
Shares of Amryt Pharma (NASDAQ: AMYT) were up 109.4% for the week, as of Thursday afternoon, according to S&P Global Market Intelligence. Shares of the Irish commercial-stage biopharmaceutical company, which specializes in rare and orphan diseases, closed last Friday at $7 a share, then rose to a 52-week high as $14.77 on Wednesday and were as high as $14.66 late Thursday. The stock is up more than 100% over the past 12 months.
On Sunday, Amryt Pharma's board announced it would accept a takeover bid worth as much as $1.48 billion by Italian pharmaceutical and healthcare company Chiesi Farmaceutici. The all-cash deal valued Amryt's shares at $14.50. The deal is expected to close in the first half of the year.
Amryt's drug, Oleogel-S10 (filsuvez), an herbal gel with dry bark extract, was approved by regulators in Europe last year to treat epidermolysis bullosa, a rare inherited skin disease known as "butterfly skin" because of how fragile the skin is.
Source Fool.com
