Why Did DAWN Skyrocket Over 65% Pre-Market Today?
Synopsis
Pharma firm Servier is set to acquire Day One Biopharmaceuticals’ shares for $21.50 each in cash, valuing the deal at $2.5 billion.
Day One Biopharmaceuticals, Inc. (DAWN) announced on Friday that it has entered into an acquisition agreement with Servier, an independent pharmaceutical company managed by a foundation.
The deal, valued at roughly $2.5 billion, will see Servier purchase Day One shares for $21.50 each in cash, marking a 64% premium over DAWN’s closing price on Thursday.
The acquisition is expected to boost Servier’s position in pediatric low-grade glioma treatments and broaden its cancer pipeline for both adults and children facing high unmet medical needs.
Following the announcement, Day One Biopharmaceuticals stock surged over 65% on Friday’s premarket.
Get updates to this developing story directly on Stocktwits.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.