Rival takeover bid sends Dimension shares soaring

18 September 2017

Shares in Dimension Therapeutics (Nasdaq: DMTX), a USA-based gene therapy company focused on rare diseases, had rocketed by nearly 38% to $5.76 by Monday lunchtime amid news of a potential takeover to rival the bid made by the biotech firm Regenxbio (Nasdaq: RGNX).

Ultragenyx Pharmaceutical (Nasdaq: RARE), itself a US rare diseases specialist, announced on Monday that it had made a proposal to acquire all of the outstanding shares of common stock of Dimension for $5.50 per share, or approximately $138 million, in cash.

This comes less than three weeks after Regenxbio’s announcement that it had entered a definitive deal to acquire Dimension in an all-stock transaction for an implied value of about $3.41 per share. This values the transaction at around $86 million.

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