ViaCell Inc. (VIAC) Shares Surge on Buyout
Shares of ViaCell Inc. surged Tuesday after life science tools maker PerkinElmer Inc. said it will purchase the biotechnology company for $300 million.
The stock rose $2.46, or 51.6 percent, to $7.23 in afternoon trading, and reached a 52-week high of $7.33 earlier in the session. Meanwhile, the announcement drove shares of PerkinElmer lower, with the stock shedding $1.06, or 3.6 percent, to reach $28.80. Shares have traded between $18.80 and $30 over the last 52 weeks.
The deal amounts to $7.25 per share, marking a 52 percent premium to ViaCell's Monday closing stock price. The move gives PerkinElmer entry into the cord blood business, as ViaCell's technology preserves a baby's umbilical cord blood for possible future medical use. The cord blood could be effective in treating dozens of diseases.
The stock rose $2.46, or 51.6 percent, to $7.23 in afternoon trading, and reached a 52-week high of $7.33 earlier in the session. Meanwhile, the announcement drove shares of PerkinElmer lower, with the stock shedding $1.06, or 3.6 percent, to reach $28.80. Shares have traded between $18.80 and $30 over the last 52 weeks.
The deal amounts to $7.25 per share, marking a 52 percent premium to ViaCell's Monday closing stock price. The move gives PerkinElmer entry into the cord blood business, as ViaCell's technology preserves a baby's umbilical cord blood for possible future medical use. The cord blood could be effective in treating dozens of diseases.
Labels: VIAC, ViaCell Inc.
posted by Stock Administrator @ 4:06 PM
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