Shares of Kythera Biopharmaceuticals (KYTH) soared nearly 23 percent to $74.31 in pre-market trading on Wednesday after the California-based double-chin treatment maker announced its acquisition by Allergan Plc (AGN) for $2.1 billion in cash and stock, or $75 per share. The deal marks a 24% premium over Kythera’s Tuesday closing price.
“The acquisition of KYTHERA is a strategic investment that strengthens our leading global position in aesthetics and continues to position us for long-term growth,” stated Brent Saunders, CEO and President of Allergan. “Kybella” is an exciting new product that offers patients the first and only clinically-proven, non-surgical treatment for submental fullness (excess fat under the chin).”
Allergan’s CEO Keith Leonard has said he expects the drug to generate $500 million in sales annually and eventually match that level in international sales.
Qihoo 360 Technology Co. Ltd. (QIHU) is seeing a big move Wednesday, as the company’s shares surged by over 10% on news the China-based internet services provider has received a takeover offer from CEO Hongyi Zhou, Citic Securities Co. and Golden Brick Capital worth $77 per ADS. The company’s board will form a special committee to consider the bid.
Qihoo shares closed at $66.05 on Tuesday, giving the company a market cap of nearly $9 billion.
Shares of Arotech Corporation (ARTX) are higher by 14.07% to $3.00 in pre-market trading on Wednesday after the company announced that its North American Power System Division has been awarded multiple contracts from new and existing customers in the aggregate amount of $7.5 million from tier-1 manufacturers in the defense and medical device industries.
Synergy Pharmaceuticals, Inc. (SGYP) is a big mover this pre-market session, as its shares are up 51%. The surge came after the biopharmaceutical company announced positive results in its first Phase 3 trial of Plecanatide to treat chronic idiopathic constipation.
Shares of Taser International Inc. (TASR) were up slightly this morning on news of new multiple orders for its smart weapons.
Azure Midstream Partners, LP (AZUR) shares tumbled nearly 10% in early trade Wednesday, after the company announced a registered underwritten public offering of 3.5 million common units representing limited partner interests. The company intends to use the net proceeds from this offering to repay a portion of the outstanding borrowings under its revolving credit facility.