APLS - Iveric Bio falls amid concern about Astellas deal
2023-06-28 14:52:29 ET
Iveric Bio ( NASDAQ: ISEE ), which agreed to be acquired by Astellas Pharmaceuticals ( OTCPK:ALPMF ) in May for $5.9 billio n, dropped as much as 8.8% , though it has now pared the loss to 3%.
There is no specific reason to account for the drop, though some traders said that a short, bearish thesis on the deal was possibly being circulated.
The fall comes just after the companies disclosed on Monday that the HSR waiting period for Iveric's ( ISEE ) planned sale to Astellas Pharmaceuticals expired on Friday.
Astellas didn't immediately respond to Seeking Alpha's email request for comment.
Earlier this month, Iveric Bio ( ISEE ) set July 6 as the date for its shareholders to vote on its sale to Astellas ( OTCPK:ALPMY ). The July date is an important one because it comes well before an Aug. 19 PDUFA date for Iveric's lead drug, Zimura. Some investors feared that the deal could run past the PDUFA date.
Shares of Apellis Pharmaceuticals ( APLS ), which has a competitor drug to Zimura, rose 6.6.% on Wednesday
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Iveric Bio falls amid concern about Astellas deal