Why These Two Biotech Stocks Blasted Higher This Week
Two somewhat under-the-radar biotech companies saw their share prices soar this week after agreeing to be acquired. CinCor Pharma (NASDAQ: CINC) is being bought out by deep-pocketed pharmaceutical company AstraZeneca, while Albireo Pharma (NASDAQ: ALBO) is set to be owned by France-based peer Ipsen.
Both of these deals are very lucrative, to the point where CinCor's stock rocketed 146% over the course of the week, and Albireo shot 92% skyward, according to data compiled by S&P Global Market Intelligence.
Both deals were announced on Monday, resulting in those share-price blasts. Of the pair, CinCor was the splashier, both in terms of the acquirer and the price. It's also very possible that it'll wrap up quicker: As per CinCor and AstraZeneca's agreement, the latter must initiate a tender offer by Tuesday, Jan. 23.
Source Fool.com
