By Dean Seal
Shares of Intercept Pharmaceuticals surged in premarket trading, homing in on the $19 per-share price that Alfasigma will pay to buy the company.
The stock was up 79% at $18.65 in premarket trading. Shares were down 16% year-to-date when the market closed Monday.
Alfasigma said Tuesday morning that it will acquire Intercept for $19 a share in an all-cash deal that marks an 82% premium to Intercept’s closing price on Monday.
Members of Intercept’s board who participated in the agreement have unanimously approved of the deal, which is expected to close at the end of the year.
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