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Why Chimerix Stock Skyrocketed on Friday

TheMotleyFool

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Why Chimerix Stock Skyrocketed on FridayPhoto, wide shot, wide-angle lens, Clinical research organization, sunset photo at golden hour, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/02f7778c-d723-4fb3-bdef-fabb7e5fc9c8.png

Shares of Chimerix (NASDAQ: CMRX) were on fire Friday, blasting 69% higher on the news that the struggling biotech is acquiring a complementary asset.

Chimerix announced it has purchased Oncoceutics, which like itself is a clinical-stage biotech actively developing cancer drugs. The price is $78 million, which will be divided evenly in a mix of cash and Chimerix stock. $25 million of the cash component was to be paid on the closing of the deal, with the remainder due one year thereafter.

Image source: Getty Images.

Source Fool.com

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