Why Brooklyn ImmunoTherapeutics Crushed the Market Today
Shares of Brooklyn ImmunoTherapeutics (NYSEMKT: BTX), no stranger to sharp stock price movements lately, zoomed more than 6% higher on Monday. The catalyst was an acquisition announced that morning by the clincial-stage biotech company.
In a joint press release, Brooklyn and Novellus Therapeutics announced that the former has executed a letter of intent to acquire the latter. The next step is for the two to sign a definite agreement; the letter of intent stipulates that Brooklyn will pay a total of $125 million for privately held Novellus. Of this, nearly $108 million will be paid in Brooklyn stock, with the remainder in cash.
The two companies added that they intend to close the deal on or prior to July 15.
Source Fool.com
