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Why Translate Bio Stock Soared Today

TheMotleyFool

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Why Translate Bio Stock Soared TodayPhoto, wide shot, wide-angle lens, Biotech company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/80e18bfd-1ff8-4487-af62-1cdb7de1ceb6.png

Shares of Translate Bio (NASDAQ: TBIO) surged 29% on Tuesday after the U.S. biotechnology company said it agreed to be acquired by French pharmaceutical giant Sanofi (NASDAQ: SNY).

The all-cash deal values Translate Bio at roughly $3.2 billion, or $38 per share. That represents a premium of more than 30% above the stock's closing price on Monday. The transaction is expected to close in the third quarter, subject to regulatory and shareholder approval.

Image source: Getty Images.

Source Fool.com

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