Why NeuroDerm Ltd Acquired a Higher Price Today
NeuroDerm (NASDAQ: NDRM) is up 15.5% at 12:05 p.m. EDT after announcing that it will be acquired by Japan-based Mitsubishi Tanabe Pharma for $39 per share. The deal puts the value of the biotech at about $1.1 billion.
The offer represents only a 17% premium on Friday's closing price, but it's important to remember that the stock has gone up substantially over the last month and a half after media outlets reported that the company was looking to put itself on the auction block. Relative to the share price before the increase, investors are getting a nice 79% premium.
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Source: Fool.com