From StockNews.com: Cancer treatment specialist Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) has agreed to be acquired by Japanese biotech giant Takeda Pharmaceuticals for $24 per share in cash, in a blockbuster health care deal.
The $5.2 billion asking price represents a massive 74.6% premium over ARIA’s Friday closing price of $13.74. The stock last traded around the $24 level back in 2012, but had spent most of the past three years hovering in the single digits.
The deal has been unanimously approved by the boards of both companies, and is expected to close in February 2017, subject to the usual shareholder and regulatory approvals. ARIA commented via press release:
“We are very pleased to combine with Takeda, which will allow us to not only accelerate our mission to discover, develop and deliver precision therapies to patients with rare cancers, but also deliver meaningful value to our shareholders through a substantial cash premium. This exciting transaction is a testament to the hard work and dedication of ARIAD’s talented team of employees. We have tremendous respect for Takeda, and I believe our shared commitment to innovation and research-driven cultures will provide for a smooth transition.”
Ariad Pharmaceuticals, Inc. shares rose $10.22 (+74.38%) in premarket trading Monday. Prior to today’s news, ARIA had gained 10.45% year-to-date, versus a 1.65% rise in the benchmark S&P 500 index during the same period.
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