ViroPharma tumbles 20% on announcement of Lev Pharma acquisition
ViroPharma Incorporated (Nasdaq:VPHM) is down more than 20% today after announcing before the opening it would acquire Lev Pharmaceuticals Inc. (OTC:LEVP) for $443 million in cash and stock. ViroPharma, an Exton, Pa.-based biopharmaceutical company, will offer $2.75 per share for Lev Pharma, which includes $2.25 in cash and $0.50 in ViroPharma common stock. The purchase will give ViroPharma the drug Cinryze, a treatment for hereditary angioedema disease. The deal is expected to close at by the end of 2008.
ViroPharma shares are at $9.97 at 10:05 a.m. ET, down $2.57 from Monday’s close. The stock has ranged from $7.11 to $14.85 during the past year.
For access to the full article, you must be a registered member - it's FREE.
Already a member? Please log in below
Not Registered?
Register today and enjoy all that SmallCapInvestor.com has to offer, including:
- Daily small cap stock profiles.
- Intra-day coverage of Russell 2000 companies.
- Research and insights from our analysts.
- Special reports.
