Why Viela Bio Stock Is Skyrocketing Today
Shares of Viela Bio (NASDAQ: VIE) were soaring Monday morning after it was announced that the biopharmaceutical company will soon be acquired by Horizon Therapeutics (NASDAQ: HZNP). As of 11:27 a.m. EST, shares of Viela Bio were up by 52.5%.
Horizon Therapeutics will acquire all the outstanding shares of Viela Bio for $53 per share in cash. The price of this transaction represents a significant premium over Viela's stock price as of the closing of Friday's trading, which was $34.68.
That explains why investors rapidly bid up Viela Bio's shares this morning. Tim Walbert, CEO of Horizon Therapeutics, said, "This acquisition represents a significant step forward in advancing our strategy -- to expand our pipeline in order to accelerate our growth over the long term."
Source Fool.com
