Why The Medicines Company Stock Is Soaring Today
Shares of The Medicines Company (NASDAQ: MDCO) jumped by as much as 22.7% right out of the gate this morning. The drugmaker's stock skyrocketed in response to a buyout agreement with Swiss pharmaceutical giant Novartis (NYSE: NVS) valued at $9.7 billion on a fully diluted basis. As of 10:13 a.m. EST, The Medicines Company's shares are up by 22.4% in the wake of this news.
Novartis' $85-per-share all-cash tender offer represents a healthy 25% premium compared to where The Medicines Company's shares finished trading last Friday. The deal is expected to close sometime in the first quarter of 2020, according to the press release.
Source Fool.com