The Medicines Co. Shares Up 23% on Novartis Buyout Offer
25 Novembro 2019 - 12:09PM
Dow Jones News
By Chris Wack
The Medicines Co. (MDCO) shares rose 23%, to $84.00, after
Novartis AG (NVS) said it was buying the company for $85 a share in
an all-cash transaction
That price implies a fully diluted equity value of $9.7 billion,
and represents a premium of 45% to The Medicines Co.'s closing
share price of $58.65 on Nov. 18.
The company said completion of the transaction is expected in
first quarter of 2020, and until that time, The Medicines Co. will
continue to operate as a separate and independent company. The
company expects to file regulatory submissions for inclisiran in
the U.S. in the fourth quarter of 2019 and in Europe in the first
quarter of 2020.
On Monday, Baird cut its price target for the company to $85 a
share from $100, and Oppenheimer raised its price target to $85 to
$68 a share.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 25, 2019 09:54 ET (14:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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