Why Immunomedics Stock Is Screaming Higher Today

Shares of cancer specialist Immunomedics (NASDAQ: IMMU) rose by an astounding 106.4% in pre-market trading Monday morning. The biotech's shares are ripping higher this morning in response to a $21 billion buyout agreement with industry giant Gilead Sciences (NASDAQ: GILD).

Gilead reportedly agreed to pay $88 per share to acquire Immunomedics in an all-cash transaction, which equates to a 108% premium relative to where the drugmaker's shares closed last Friday. The deal is expected to close in the fourth quarter of 2020, according to the press release. 

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Source Fool.com