Acer Therapeutics Stock Soars After Acquisition Deal with Zevra Therapeutics
Introduction
Acer Therapeutics (NASDAQ: ACER) stock is experiencing significant growth following the announcement of an acquisition deal with Zevra Therapeutics (NASDAQ: ZVRA). The pharmaceutical company revealed that Zevra Therapeutics will acquire it with $15 million worth of ZVRA stock. Shareholders of ACER stock will receive 0.121 shares of ZVRA stock for each share they own. Additionally, investors have the option to receive Contingent Value Rights (CVRs) based on specific milestones, which could result in cash payments of up to $76 million.
Statement from Zevra Therapeutics
“We believe that Acer’s portfolio of rare disease programs, including the recent U.S. commercial approval of OLPRUVA for UCDs, is a perfect strategic fit for Zevra and creates significant opportunity for us to positively impact patient lives while creating shareholder value.” – Joshua Schafer, Chief Commercialization Officer and Executive Vice President of Business Development of Zevra Therapeutics
Timing of the ACER Stock Deal
The acquisition between Acer Therapeutics and Zevra Therapeutics is expected to close in the fourth quarter of 2023, pending approval from regulators and shareholders. Both companies’ boards of directors have already expressed support for the deal.
Stock Performance
ACER stock has surged by 85.2% as of Thursday morning, with approximately 12 million shares being traded. This is significantly higher than its daily average trading volume of about 143,000 shares.
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Disclaimer
On the date of publication, William White did not have 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.
