By Chris Wack

 

Aerie Pharmaceuticals Inc. shares were up 34% to $14.91 in premarket trading after the company said it was being bought by Alcon AG for $15.25 a share.

The purchase price represents a premium of 37% to Aerie's last closing price and represents an equity value of $770 million.

The transaction was approved by the board of directors of each company.

Through the transaction, Alcon will add the commercial products Rocklatan netarsudil and latanoprost ophthalmic solution and Rhopressa netarsudil ophthalmic solution, as well as AR-15512, a Phase 3 product candidate for dry eye disease, and a pipeline of several clinical and preclinical ophthalmic pharmaceutical product candidates.

The transaction is expected to be accretive to Alcon's core earnings per share in 2024.

The transaction is anticipated to close in the fourth quarter of 2022. Alcon intends to fund the acquisition through short-term and long-term debt.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

August 23, 2022 06:27 ET (10:27 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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