Why Akcea Therapeutics Stock Skyrocketed Today

Shares of Akcea Therapeutics (NASDAQ: AKCA) soared 60% on Monday after the biopharmaceutical company announced that it had agreed to be bought out by Ionis Pharmaceuticals (NASDAQ: IONS).

Ionis will acquire the 24% of Akcea's stock it doesn't already own for $18.15 per share, a premium of about 63% compared to its closing price on Friday. The all-cash deal values Akcea at roughly $500 million.

Ionis Pharmaceuticals and Akcea Therapeutics are joining forces. Image source: Getty Images.

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Source Fool.com