Valeant Pharmaceuticals International (VRX) Inks Sale Deal; Upside Visualized in Motif Bio (MTFB)
After the closing-bell Monday, Valeant Pharmaceuticals International, Inc. (NYSE:VRX) said its affiliate has entered into a sale agreement, worth $819.9 million in cash, with Sanpower Group Co., Ltd.
Per the deal, the Chinese conglomerate will acquire the assets of Dendreon Pharmaceuticals, Inc., which Valeant bought a couple years ago for $296 million in cash.
The Canadian pharmaceutical and medical device company expects the transaction – subject to customary closing conditions – to be completed in the first half 2017.
VRX stock closed at $15.35, up $0.06 (or +0.39%) with a total volume of 9.53M shares traded during the day.
Valeant Pharmaceuticals International, which develops, manufactures, and markets pharmaceuticals, OTC products, and medical devices worldwide, has 341.19M shares outstanding, market capitalization (intraday) of $5.11B and VRX stock one-year range is between $13.00 and $101.40 per share.
Shares of Motif Bio plc (Nasdaq:MTFB) surged 1.49% (or +$0.09) to $6.14 on Monday’s trading session after analysts at Rodman & Renshaw initiated coverage on the company’s stock with a Buy rating and a price target of $16.00, representing a potential upside of more than 160%.
Motif Bio, which develops novel antibiotics for the treatment of serious and life-threatening infections caused by multi-drug resistant bacteria, has 9.79M shares outstanding, market capitalization (intraday) of $59.21M and MTFB stock 52-week range is from $5.15 to $14.42 per share.
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