Gracell ADSs Take Flight Premarket on $1.2 Billion Takeover by AstraZeneca
By Colin Kellaher
American depositary shares of Gracell Biotechnologies surged nearly 60% in premarket trading Tuesday after the clinical-stage biopharmaceutical company agreed to be acquired by pharmaceutical giant AstraZeneca in a deal worth up to $1.2 billion.
AstraZeneca is paying an initial $1 billion, or $10 an ADS, in cash for Gracell, a nearly 62% premium to Friday's closing price of $6.19 for the Shanghai-based company.
Gracell said its investors also will receive non-tradable contingent value rights tied to a future regulatory milestone that are worth up to $1.50 an ADS in cash, bringing the total potential deal value to $11.50 an ADS, about 86% above Friday's closing price.
Gracell ADSs were recently up 58% to $9.76 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 26, 2023 06:29 ET (11:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Best- and Worst-Performing Stocks of Q2 2024
-
13 Charts On the Market’s Q2 Turnaround
-
10 Top-Performing Dividend Stocks of Q2 2024
-
Markets Brief: US Jobs Report In View as Q3 Begins
-
Q3 2024 Stock Market Outlook: Is the AI Stock Trade Over?
-
Ian Bremmer: 4 Big Geopolitical Risks to Watch
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Energy: OPEC Continues to Operate From a Position of Weakness With Production Cuts Extension
-
Communication Services: Online Advertising Remains Strong, but Growth Will Likely Decelerate
-
3 Stocks to Buy This Summer While They’re Seriously Undervalued
-
10 Top Dividend Stocks for 2024
-
Finding Small-Cap Stock Opportunities In a Big-Cap World
-
The 10 Best Companies to Invest in Now
-
Nike Earnings: Dim Sales Outlook Slams Shares, but Patient Investors Could Be Rewarded