Icosavax (NASDAQ:ICVX) stock is rising higher on Tuesday after announcing a major acquisition deal with AstraZeneca (NASDAQ:AZN).
According to a press release, AstraZeneca is acquiring Icosavax for $15 per share. That represents a 43% premium over the stock’s prior closing price and values the company at $800 million.
In addition to that, the deal includes a contingent value right for up to $5 per share. This is available if a specified regulatory milestone and a sales milestone are met. Taking this into account, the offer for ICVX stock is a 91% premium and has a total value of $1.1 billion.
Adam Simpson, CEO of Icosavax, said the following about the deal:
“We are pleased to announce the proposed acquisition of Icosavax by AstraZeneca as we believe it offers the opportunity to accelerate, and expand access to, our potential first-in-class combination vaccine for older adults at risk of RSV and hMPV.”
Benefits of the ICVX Stock Deal
AstraZeneca is acquiring Icosavax to secure IVX-A12. This is the company’s lead investigational vaccine candidate. It’s designed to treat both RSV and human metapneumovirus (hMPV). That’s worth noting as there are currently no treatments for hMPV and no combination vaccines for RSV.4.
ICVX stock is up 45.9% as of Tuesday morning, with some 410,000 shares traded. That’s already above its daily average trading volume of about 323,000 shares.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We have all of the latest stock market coverage for Tuesday! That includes the biggest pre-market stock movers this morning, what’s happening with Emergent BioSolutions (NYSE:EBS) stock and more. All of that is ready to go at the links below!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- EBS Stock Earnings: Emergent BioSolutions Misses EPS, Beats Revenue for Q3 2023
- AZUL Stock Earnings: Azul Misses EPS, Beats Revenue for Q3 2023
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.
