Why Gene Therapy Company Orchard Therapeutics Stock Is Skyrocketing Today?
Portfolio Pulse from Nabaparna Bhattacharya
Orchard Therapeutics Plc (NASDAQ:ORTX) has agreed to be acquired by Japan-based pharmaceutical company Kyowa Kirin Co. for $16.00 per American Depositary Share (ADS), a 144% premium over the previous 30-day average. An additional $1.00 contingent value right (CVR) will be paid for $17.00 per ADS if conditions are met. The acquisition will allow Kyowa Kirin to maximize the value of Orchard's Libmeldy and accelerate the development of Orchard's other programs. The deal is expected to close in Q1 2024.
October 05, 2023 | 10:25 am
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Orchard Therapeutics is being acquired by Kyowa Kirin at a significant premium, which has led to a surge in its stock price.
The acquisition announcement has led to a significant increase in Orchard Therapeutics' stock price. The deal, which represents a 144% premium to Orchard's volume-weighted average price, is likely to continue to positively impact the stock in the short term.
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