Shares of Anadys Pharmaceuticals Inc., a biopharmaceutical company engaged in the development of medicines for the treatment of hepatitis C, are seeing a huge rally in today’s trading after the company agreed to be acquired by Roche Holdings AG.
At last check, Anadys Pharmaceuticals shares were trading 250.96% higher at $3.65, with volume up from daily average of 431,946.
Switzerland-based Roche agreed to acquire Anadys for $230 million in cash. The acquisition will boost Roche’s hepatitis franchise and broaden its business outside cancer medicine operations. Under the terms of agreement between the two companies, Roche will pay $3.70 per share to acquire Anadys. The transaction represents a premium of 256% over Anadys closing stock price on October 14.
Steve Worland, CEO of Anadys, said the company’s focus has been on driving forward research that would make a real difference to the lives of patients, especially those with hepatitis. Jean-Jacques Garaud, global head of Roche’s pharma and early development research, meanwhile, said that the acquisition augments the company’s already strong hepatitis portfolio.
Anadys’ management board agreed to the takeover. The management board has a 7.90% stake in the company.
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