Deciphera Pharmaceuticals (NASDAQ:DCPH) stock is rising higher on Monday after signing a $2.4 billion acquisition agreement with ONO Pharmaceutical (OTCMKTS:OPHLY).
This deal has ONO acquiring Deciphera for $25.60 per share in cash. The company will do so through a tender offer for DCPH shares. That will see Deciphera merge with a wholly owned subsidiary of ONO Pharmaceutical.
The offer for DCPH stock represents a 74.7% premium over its prior closing price on Friday. It’s also a 68.8% premium compared to the stock’s 30-trading-day volume weighted average price.
Steven Hoerter, President and CEO of Deciphera Pharmaceuticals, said the following about the deal:
“Together, we expect to advance and accelerate each organization’s important work through combined research and development capabilities and a global commercial footprint. Importantly, this acquisition delivers for all of Deciphera’s stakeholders. It provides immediate, compelling value for our shareholders, provides greater opportunities for our world-class team, and ultimately, greater hope for patients.”
Timing of the DCPH Stock Deal
ONO Pharmaceutical says its tender offer will start promptly and that it will last for 20 days. The company may extend the time of the tender offer to acquire more DCPH shares. Investors holding 28% of DCPH stock have agreed to tender their shares for the acquisition.
It all goes well, Deciphera Pharmaceuticals and ONO Pharmaceutical are expecting the deal to close in the third quarter of 2024.
DCPH stock is up 72.2% as of Monday morning.
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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.
