Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
BioSpecifics Technologies (NASDAQ: BSTC) has announced it has agreed on a deal that will see Endo International (NASDAQ: ENDP) acquire the company for approximately $658 million.
The deal, which equates to $88.50 per share is expected to be completed in the fourth quarter of this year.
The two companies have worked together since as far back as 2004 after signing a research agreement that saw BioSpecific receive royalties from Endo's collagenase-based therapies.
Jennifer Chao, Chairman of the Board of Directors at BioSpecifics, said that “today's announcement marks a great outcome for all BioSpecifics stakeholders, and is the result of the Company's successful value creation strategy executed by the management team and the Board of Directors.
The Company has worked tremendously hard to deliver this excellent result and is grateful for the abiding support of its employees, partners and shareholders.”
BioSpecifics stock price rallied after the announcement was made and is currently trading 44.43% higher at $88.13.
Endo International's stock price has also rallied to $5.43 per share after a 9.04% move.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .