RayzeBio Shares Soar Premarket on Takeover by Bristol Myers
27 December 2023 - 12:04AM
Dow Jones News
By Colin Kellaher
RayzeBio shares nearly doubled in premarket trading Tuesday
after the clinical-stage radiopharmaceutical therapeutics company
agreed to be acquired by Bristol Myers Squibb at a rich
premium.
Bristol Myers will pay $62.50 a share for RayzeBio, a 104%
premium to Friday's closing price of $30.57.
The deal carries an equity value of around $4.1 billion and a
total value of $3.6 billion net of RayzeBio's cash on hand.
RayzeBio shares were recently up 99% to $60.90 in premarket
trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 26, 2023 07:49 ET (12:49 GMT)
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