Why Achillion Pharmaceuticals Stock Is Skyrocketing Today
Shares of the clinical-stage biotech Achillion Pharmaceuticals (NASDAQ: ACHN) rose by a jaw-dropping 82% on heavy volume in pre-market trading this morning.
The spark? Achillion's shares bolted higher this morning in response to a $930 million all-cash buyout offer from the rare-disease drug giant Alexion Pharmaceuticals (NASDAQ: ALXN). Alexion's shareholders, however, don't seem to be particularly thrilled with the deal. As proof, the biotech's stock dropped by 2% right after this acquisition news hit the wires.
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Source Fool.com
