Forty Seven Shares Surge 60% on Takeover by Gilead
March 02 2020 - 10:52AM
Dow Jones News
By Colin Kellaher
Shares of Forty Seven Inc. rose more than 60% in early trading
Monday after the immuno-oncology company agreed to be acquired by
Gilead Sciences Inc. for about $4.9 billion.
Gilead will pay $95.50 a share in cash for Forty Seven, a nearly
65% premium to Friday's closing price of $58 and a 96% increase
from Thursday's closing price of $48.79--before Bloomberg reported
that Gilead was circling Forty-Seven.
Forty Seven shares were recently trading at $93.74, up
61.6%.
Shares of Gilead, which gains a boost to its immuno-oncology
portfolio with the addition of Forty Seven's lead candidate
magrolimab, gained 2.9% to $71.40.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 02, 2020 10:37 ET (15:37 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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