CORI - Today's Research Reports on Stocks to Watch: Corium and Verastem
NEW YORK, NY / ACCESSWIRE / October 15, 2018 / Corium International was up nearly 53% in Friday’s trading session on news that it has agreed to sell itself. Shares of Verastem were down almost 10% on news that it is selling $150 million worth of convertible notes.
RDI Initiates Coverage on:
Corium International, Inc.
https://rdinvesting.com/news/?ticker=CORI
Verastem, Inc.
https://rdinvesting.com/news/?ticker=VSTM
Corium International, Inc. shares closed up almost 53% on about 27.6 million shares traded on Friday. The stock soared on news that Corium has agreed to be bought out by Gurnet Point Capital (GPC) in a deal worth up to $504 million. GPC has agreed to pay $12.50 per share at closing and will also pay an additional $0.50 in contingent value rights if Corium's lead product candidate Corplex Donepezil receives Food and Drug Administration approval before March 31, 2020. Corplex Donepezil is a transdermal patch delivers the most commonly prescribed treatment for Alzheimer's disease. CEO of Corium, Peter Staple, stated, "After an extensive evaluation of potential partnering opportunities, we concluded that the value and certainty provided in the proposed transaction is in the best interests of Corium’s shareholders, and provides Corium with the financial and other resources needed to bring Corplex Donepezil through regulatory approval and commercialization. Our management, R&D and product manufacturing teams look forward to working with GPC as we prepare to submit our regulatory application for Corplex Donepezil, and extend our leadership position in developing new transdermal products that address significant patient need.”
Access RDI’s Corium International, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=CORI
Verastem, Inc. shares closed down 9.31% on nearly 10 million shares traded on Friday. The company saw its shares slip after traders learned that Verastem is selling $150 million worth of convertible notes due in 2048 with an interest rate of 5%. While the interest rate isn't that high, it's the fact that the note holders can convert the notes into 139.5771 shares for every $1,000 principal amount of the notes they own that had investors on edge. Not too long ago Verastem received FDA approval for Copiktra, a treatment for chronic lymphocytic leukemia/small lymphocytic lymphoma and follicular lymphoma. At the time of the approval, CEO Robert Forrester remarked, "With today’s FDA approval of Copiktra, Verastem Oncology is delivering upon our commitment to patients with cancer by bringing a new oral medicine to market. We are pleased to be able to introduce Copiktra during National Blood Cancer Awareness Month. At Verastem Oncology, we are driven by the strength and courage of those battling cancer, and we are committed to advancing therapies such as Copiktra with the potential to make a significant impact for patients, their caregivers and physicians. We are immensely grateful to the many patients who participated in the duvelisib clinical trial program over the years leading to this pivotal moment.”
Access RDI’s Verastem, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=VSTM
Our Actionable Research on Corium International, Inc. (NASDAQ: CORI) and Verastem, Inc. (NASDAQ: VSTM) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com