Amicus Therapeutics, Inc. (NASDAQ:FOLD) made headlines on Friday as it soared to a new 52-week high, closing at $14.18 per share. This significant jump of 30.21 percent was fueled by the announcement of its merger with Biomarin Pharmaceutical for nearly $5 billion.
During intra-day trading, the stock reached its peak price of $14.36 before settling at $14.18 by the end of the day. This surge came in response to the news of the acquisition by BioMarin in an all-cash deal at $14.50 per share, representing a 33 percent premium over its previous closing price of $10.89.
The agreement has been approved by the boards of both companies but is still subject to regulatory approvals, including those of the shareholders. Amicus Therapeutics’ President and CEO, Bradley Campbell, expressed optimism about the merger, stating that the combined resources and commitment to patients by BioMarin will allow their medicines to reach a broader audience faster, benefiting both shareholders and the rare disease community.
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Disclosure: None. This article was originally published on Insider Monkey’s website.
