Trades below cash consideration
A small biopharma company with a newly approved skin cancer treatment is being acquired by a giant pharma group with a $40bn+ market cap. The offer includes cash plus a non-transferable CVR. The stock is trading slightly below the cash portion, offering not only a “free” CVR but also ~9–10% annualized spread.
The transaction is expected to close in Q2, with regulatory and shareholder approvals unlikely to present any hurdles.
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