ImmunoGen (NASDAQ:IMGN) stock is seeing massive gains on Thursday after the company announced an acquisition deal with AbbVie (NYSE:ABBV).
A press release from AbbVie reveals that ImmunoGen is being acquired for $31.26 per share in cash. This is a roughly 94% premium over its prior closing price. It also represents a total value of $10.1 billion for the company.
ImmunoGen and AbbVie are expecting the deal to close in near the middle of 2024. AbbVie notes that the transactions will begin being accretive to its diluted earnings per share in 2027.
Mark Enyedy, President and CEO of ImmunoGen, said this about the deal:
“With global commercial infrastructure and deep clinical and regulatory expertise, AbbVie is the right company to accelerate geographic and label expansion, and realize the full potential of ELAHERE as the first and only ADC approved in ovarian cancer.”
The Boards of Directors at both companies have already approved the acquisition. Now, the deal will just need approval from IMGN stockholders and regulators.
IMGN Stock Movement on Thursday
Following news of this announcement, shares of IMGN stock are seeing heavy trading. That has more than 32 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is about 4.9 million shares.
IMGN stock is up 80.8% as of Thursday morning.
Investors can find even more of the most recent stock market stories ready to go below!
We have all of the hottest stock market news traders need to read about on Thursday! Among that is what’s happening with Robinhood (NYSE:HOOD), VinFast Auto (NASDAQ:VFS) and Redhill Biopharma (NASDAQ:RDHL) stock today. You can catch up on all of these matters at the following links!
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On the date of publication, William White did not hold (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.
