G1 Therapeutics (NASDAQ:GTHX) stock is rocketing higher on Wednesday after the company announced an acquisition deal with Pharmacosmos Group.
Pharmacosmos Group has agreed to acquire all outstanding shares of GTHX stock for $7.15 per share in cash. That represents a 68% premium to G1 Therapeutics’ prior closing price and a 133% premium to its 30-day volume-weighted average price.
This deal will have Pharmacosmos Group paying a total of $405 million for G1 Therapeutics. It’s using current cash on hand and its existing credit facility to fund this acquisition.
Tobias Christensen, president and CEO of Pharmacosmos Group, said the following about the deal:
“The acquisition of G1 Therapeutics Inc., its intellectual property, and the addition of COSELA® (trilaciclib) to our portfolio of innovative products is transformative for Pharmacosmos. By combining our existing colleagues with the great team at G1 Therapeutics, we will meaningfully expand our organization serving oncologists in the US.”
GTHX Stock Deal Timing
G1 Therapeutics and Pharmacosmos Group are expecting the deal to close in the third quarter of 2024. This will result in shares of GTHX stock no longer trading. The boards of directors at G1 Therapeutics and Pharmacosmos Group have given their unanimous support to the deal.
GTHX stock is up 66.4% as of Wednesday 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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
