Innocoll Holdings PLC (NASDAQ: INNL)
Innocoll Holdings is having an incredible morning in the pre-market hours, and for good reason. The company announced that it would be acquired early this morning, exciting investors and causing the stock to skyrocket upward. As is almost always the case, our partners at Trade Ideas were the first to inform us of the gains. At the moment (9:01), INNL is trading at $2.42 per share after a gain of $0.60 per share (32.97%) thus far today.
INNL To Be Acquired By Gurnet Point
As mentioned above, Innocoll Holdings is having an overwhelmingly strong morning in the market after announcing that healthcare investment fund Gurnet Point L.P. will be acquiring the company. Under the terms of the agreement, Gurnet Point will acquire INNL for $1.75 per share in cash and up to $4.90 in cash from a contingent value right, bringing the total potential value of the deal to $6.65 per share, or about $209 million. In a statement, Jonathan Symonds, Chairperson of INNL, had the following to offer:
“Having studied a number of strategic options over the past several months, our Board and management team believe this strategic transaction will give Innocoll access to the financial resources it needs to pursue its goals of bringing XARACOLL through its development to commercialization, and address important unmet medical needs in the post-operative pain market. We believe that the combined leadership of the two companies, supported by Gurnet Point’s financial strength, will better position Innocoll to pursue a successful filing and subsequent commercialization of XARACOLL.”
Stop wasting your time! Find winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on INNL. In particular, we’ll be watching the ongoing work that could lead to an additional $4.90 per share in value on this acquisition. We’ll continue to follow the story closely and bring the news to you as it breaks!
Want The News Faster?
Join the CNA Finance Trading Desk to get the data before we even have the time to write the story!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Flickr]