ORTX - Why Gene Therapy Company Orchard Therapeutics Stock Is Skyrocketing Today? | Benzinga
Gene therapy company Orchard Therapeutics Plc (NASDAQ: ORTX) shares are trading higher after it agreed to be acquired by Kyowa Kirin Co., a Japan-based global specialty pharmaceutical company, for $16.00 per American Depositary Share (ADS) in cash (approximately $387.4 million, or ¥57.3 billion).
The deal represents a premium of 144% to Orchard Therapeutics' volume-weighted average price per ADS over the previous 30 days ended October 4.
An additional $1.00 contingent value right (CVR) will be paid for $17.00 per ADS, or ~$477.6 million if the conditions are met.
Kyowa Kirin To Boost Portfolio With Orchard's Libmeldy
Orchard Therapeutics' portfolio comprises Libmeldy (atidarsagene autotemcel), also known as OTL-200, intended for eligible patients with early-onset metachromatic leukodystrophy (MLD).
MLD is a rare and life-threatening inherited disease of the body's metabolic system.
Libmeldy is approved ...