Shares of the commercial-stage gene therapy company Orchard Therapeutics (NASDAQ: ORTX) were up by a noteworthy 98% on sky-high volume as of 10:13 a.m. ET Thursday morning. The biotech's stock is rocketing higher on the news that the Japanese biopharma Kyowa Kirin (OTC: KYKO.F) has agreed to buy the small-cap gene therapy specialist for $16.00 per American depositary share (ADS) in cash.

Orchard Therapeutics shareholders are also in line to potentially book an additional $1.00 per ADS if its lead candidate, OTL-200, secures a U.S. regulatory approval as a treatment for early onset metachromatic leukodystrophy, an uncommon, inherited metabolic disorder.

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Source Fool.com