Why The Medicines Company Stock Is Soaring Today
Shares of The Medicines Company (NASDAQ: MDCO) jumped by as much as 22.7% right out of the gate this morning. The drugmaker's stock skyrocketed in response to a buyout agreement with Swiss pharmaceutical giant Novartis (NYSE: NVS) valued at $9.7 billion on a fully diluted basis. As of 10:13 a.m. EST, The Medicines Company's shares are up by 22.4% in the wake of this news.
Novartis' $85-per-share all-cash tender offer represents a healthy 25% premium compared to where The Medicines Company's shares finished trading last Friday. The deal is expected to close sometime in the first quarter of 2020, according to the press release.
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Source Fool.com
