Harpoon Therapeutics (NASDAQ:HARP) stock is rocketing higher on Monday after Merck (NYSE:MRK) announced plans to acquire the company.
Merck is offering $23 per share for HARP stock. That would be a massive 118% premium over the stock’s closing price of $10.55 per share on Friday. It also brings the total value of the deal to $680 million.
Harpoon Therapeutics’ board of directors is giving its unanimous support to the deal. It will also need support from shareholders and regulators before it can close. The two companies are expecting to finish the deal in the first half of 2024.
Julie Eastland, president and CEO of Harpoon Therapeutics, said the following about the deal:
“At Harpoon, we have always been committed to advancing our cancer immunotherapy candidates to improve the lives of patients. With Merck’s recognized leadership in oncology clinical development and global commercial footprint, our lead candidate, HPN328, is well positioned moving forward.”
HARP Stock Movement Today
Following news of the deal with Merck comes heavy trading for Harpoon Therapeutics shares. As of this writing, more than 389,000 shares have changed hands. For the record, the company’s daily average trading volume is about 226,000 shares.
HARP stock is up 110.8% as of Monday morning.
Investors seeking out even more of the latest stock market stories are in luck!
We have all of the hottest stock market news ready to go for Monday! That includes the biggest pre-market stock movers this morning, the latest news for electric vehicle (EV) stocks and more. 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 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.
