Cerecor to acquire Aevi Genomic Medicine

6 December 2019

US rare and orphan diseases drug developer Cerecor (Nasdaq: CERC) has entered into a definitive merger agreement to acquire Aevi Genomic Medicine (Nasdaq: GNMX).

The offer is an all-stock transaction valued at approximately $16.1 million at closing, plus contingent value rights, or CVRs, for up to an additional $6.5 million in subsequent milestone payments on clinical or regulatory successes, or both.

Market reaction to the news was far from positive. Cerecor’s stock closed down 8.9% at $3.37 and, unusually for the company to be acquired. Aevi’s shares fell 6.6% to $0.14 in after-hours trading.

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