Dicerna Pharmaceuticals (NASDAQ:DRNA) stock is surging higher on Thursday following news of a massive deal with Novo Nordisk.
The deal will have Novo Nordisk acquiring Dicerna Pharmaceuticals for $38.25 per share. That’s an 80% premium over the stock’s closing price on Wednesday and the purchase will be made with cash.
That’s quite the offer for DRNA stock and it represents a total equity value of $3.3 billion. The deal will have a Novo Nordisk subsidiary initiating a tender offer to acquire all outstanding shares of Dicerna Pharmaceuticals stock.
Once the tender offer is complete, Dicerna Pharmaceuticals will merge with the Novo Nordisk subsidiary. Any shares not part of the offer will be canceled and converted into a right to receive the same $38.25 cash payment.
Both the Board of Directors at Dicerna Pharmaceuticals and Novo Nordisk have given their full support to the acquisition deal. So long as there are no customary closing issues, the deal is set for completion in the fourth quarter of 2021.
Douglas Fambrough, Ph.D., founder, president and CEO of Dicerna Pharmaceuticals, said in a press release announcing today’s news.
“Since the start of our collaboration two years ago, the Dicerna and Novo Nordisk teams have established a strong rapport built on a foundation of mutual respect for one another’s capabilities, culture and expertise.”
News of the acquisition deal has DRNA stock experiencing heavy trading today. That has some 18 million shares of the stock trading hands. This is quite the leap from its daily average trading volume of about 769,000 shares.
DRNA stock was up 78.6% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.