ALPN - Vertex may have to pay more than $65 for Alpine Immune stock ()

2024-04-11 09:23:46 ET

Alpine Immune Sciences Inc (NASDAQ: ALPN) is up 35% on Thursday after Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) said it will acquire the biotechnology company for $65 per share.

Is Alpine Immune stock fairly valued at $65?

But shareholders of the $5.0 billion company based out of Seattle, Washington may end up getting even more than $65 per share considering Halper Sadeh LLC has launched an investigation into the Alpine-Vertex agreement .

Halper wants to figure out if the board of “violated the federal securities laws or breached their fiduciary duties to shareholders” in signing a deal with .

Based on its findings, the investor rights law firm “may seek increased consideration or other relief and benefit” for the biotech firm’s stockholders.

Alpine Immune stock has now more than tripled year-to-date.

Details of Alpine-Vertex recent agreement

Mitchell H. Gold – the chief executive of Alpine Immune Sciences is convinced that teaming up with Vertex Pharmaceuticals will help his company “make a meaningful difference in lives of patients worldwide”.

expects the aforementioned all-cash transaction that is expected to help expand its footprint in kidney disease treatment to close by the end of the current quarter “subject to certain conditions”.

The news arrives less than a month after reported its financial results for the fourth quarter that came in ahead of Street estimates.

Still, analysts at Morgan Stanley downgraded Alpine Immune stock to “equal weight”. His $65 price objective is roughly in line with where the shares are trading at writing.

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