Shares of Bio-Reference Laboratories Inc. (BRLI) spiked up by more than 46% on Thursday morning after the company said it has agreed to be bought by OPKO Health (OPK) in a transaction valued at $1.47 billion, or $52.58 per share. Under the terms of the deal, which has been approved by the Boards of Directors of both companies, holders of BRLI common stock will receive 2.75 shares of OPKO common stock for each share of BRLI common stock.
“I have long admired Bio-Reference Laboratories which, for almost 30 years, has enjoyed an impressive record of organic growth through constant innovation and clinical awareness,” stated Phillip Frost, M.D., OPKO’s Chairman and CEO. “Bio-Reference Laboratories is a true success story that has culminated in cutting edge diagnostic solutions accompanied by a worldwide franchise in the diagnosis of rare diseases.”
Shares of Gevo, Inc. (GEVO) are higher by nearly 9% to $3.70 in pre-market trading on Thursday after the company announced a breakthrough to its fermentation technology that will allow it to produce isobutanol from cellulosic feedstocks such as wood waste which can then be converted into Gevo’s alcohol-to-jet fuel.
AVEO Pharmaceuticals, Inc. (AVEO) shares surged 22% to $2.83 on news the company has received European regulatory guidance regarding potential marketing authorization application for Tivozanib.
Ciena Corporation (CIEN) gained $0.81 to $25.25 in pre-market trading after it reported fiscal results for the second quarter.
In its quarterly report, the developer of high-speed networking technology said it earned $0.35 per share, well above the $0.23 per share analysts were expecting. Revenue rose 11.0% to $621.6 million, above views for $606.1 million. The company’s net income for the period ended April 30, 2015 came in at $20.7 million, or $0.17 per diluted share, from a loss of $10.2 million, or ($0.10) per diluted share, a year earlier.
“We delivered outstanding second quarter results that, when combined with our strong financial performance during the past several quarters, demonstrate increased operating leverage and sustained momentum in our business,” commented Gary B. Smith, president and CEO, Ciena. “This performance also reflects our industry-leading ability to deliver open, on-demand, software-driven networks for an increasingly diverse set of customers across the globe.”
Looking ahead, the company guided Q3/15 revenues of $610-$640 million, as compared to analysts’ expectations of $632.04 million.