Valera Jumps on Buyout Deal
Stock in Valera Pharmaceuticals (VLRX) skyrocketed more than 45% to close at $7.87 Dec. 12 on news that Indevus Pharmaceuticals (IDEV) would buy the company for $7.75 per share, valuing it at about $120 million. With expected closing next spring, the acquisition would unite two small unprofitable pharmaceutical outfits with products in the highly competitive urology market. Additionally Indevus would pay contingent payments based on reaching future product milestones.
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