Forma Therapeutics to be acquired by Novo Nordisk in a cash deal valued at $1.1 billion

Forma Therapeutics Holdings Inc.
FMTX,
+1.67%

announced Thursday and agreement to be acquired by Denmark-based Novo Nordisk
NVO,
+0.06%

NOVO.B,
-0.48%

in a deal with an equity value of $1.1 billion. Forma shares are halted for news until 8:30 a.m. Eastern, while the U.S.-listed share of Novo Nordisk were little changed. Under terms of the deal, Forma shareholders will received $20 in cash for each Forma share they own, which represents a 49.3% premium to Wednesday’s closing price of $13.40, and implies a market capitalization of $957.1 million for the biopharmaceutical company. The deal is expected to close in the fourth quarter of 2022. “By adding Forma’s differentiated approach to address unmet needs for patients, we are taking a step forward in enhancing our sickle cell disease pipeline,” said Ludovic Helfgott, Novo Nordisk’s head of rate disease. Novo Nordisk said the deal won’t affect its profit outlook for 2022 or its share repurchase program. Forma’s stock has rocketed 143.2% over the past three months through Wednesday, while the iShares Biotechnology ETF
IBB,
+0.26%

have gained 5.2% and the S&P 500
SPX,
-0.78%

has lost 3.6%.

Leave A Reply

Your email address will not be published.