Deciphera Pharma rockets on news of takeover bid
Shares of USA-based tumor drug resistance specialist Deciphera Pharmaceuticals (Nasdaq: DCPH) soared 73% to $25.34 in morning trading, on the news that it has received a takeover bid.
Decipher revealed it has entered into a definitive merger agreement with Ono Pharmaceutical (TYO: 4528) under which the Japanese drugmaker will acquire all outstanding shares of Deciphera common stock through a tender offer followed by a merger of Deciphera with a wholly-owned subsidiary of ONO.
Ono will acquire all outstanding shares of Deciphera for $25.60 per share in cash for a total equity value of approximately $2.4 billion. The purchase price represents a premium of 74.7% to Deciphera’s closing share price of $14.65 on April 26, 2024, and a premium of 68.8% to Deciphera’s 30-trading-day volume weighted average price as of April 26. The deal is expected to close in the third quarter of 2024.
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