Biogen Idec Inc. (BIIB) Stock Surges on Possible Buyout
Shares of Biogen Idec Inc. jumped Monday, the first trading day after the biotechnology company said would consider a sale to potential buyers, which include billionaire investor Carl Icahn.
The stock rose $11.94, or 17.2 percent, to $81.37 in afternoon trading. Shares reached a 52-week high of $84.75 earlier in the trading session, eclipsing a previous peak of $69.43.
The Cambridge, Mass.-based drug maker said Friday its board authorized management to explore a possible sale. The company's market capital was $20 billion as of Friday.
In August, Icahn reported a purchase of 2.7 million Biogen shares as of June 30.
The stock rose $11.94, or 17.2 percent, to $81.37 in afternoon trading. Shares reached a 52-week high of $84.75 earlier in the trading session, eclipsing a previous peak of $69.43.
The Cambridge, Mass.-based drug maker said Friday its board authorized management to explore a possible sale. The company's market capital was $20 billion as of Friday.
In August, Icahn reported a purchase of 2.7 million Biogen shares as of June 30.
Labels: BIIB, Biogen Idec Inc.
posted by Stock Administrator @ 2:03 AM
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