Kosan Biosciences to be bought out Bristol-Myers Squibb, shares rocket 230%
Kosan Biosciences Inc. (Nasdaq:KOSN) said this morning that it will be acquired by biopharmaceutical goliath Bristol-Myers Squibb Co. (NYSE:BMY), sending shares skyrocketing in morning trading.
Bristol-Myers will pay $190 million or $5.50 per share in cash for the cancer therapeutics company; representing a 233% premium over Kosan’s closing price of $1.65 Wednesday.
Bristol-Myers said its acquisition of Kosan will enhance its pipeline with compounds in two important classes of anticancer agents: novel Hsp90 inhibitors and epothilones.
Shares surged 230%, or $3.79, to $5.44 in morning trading. For detailed price information and recent news stories about Kosan Biosciences, click KOSN.
