Why Chimerix Stock Skyrocketed on Friday
Shares of Chimerix (NASDAQ: CMRX) were on fire Friday, blasting 69% higher on the news that the struggling biotech is acquiring a complementary asset.
Chimerix announced it has purchased Oncoceutics, which like itself is a clinical-stage biotech actively developing cancer drugs. The price is $78 million, which will be divided evenly in a mix of cash and Chimerix stock. $25 million of the cash component was to be paid on the closing of the deal, with the remainder due one year thereafter.
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Source Fool.com