XLRN - Why Acceleron Pharma Stock Jumped This Week
Shares of Acceleron Pharma (NASDAQ: XLRN) , a mid-cap hematology and pulmonary drugmaker, rose by a healthy 16.2% this week. While the catalyst behind this double-digit jump wasn't immediately apparent (the company didn't release any material news during the week), Bloomberg News reported late Friday afternoon that the company is in advanced talks to be acquired for approximately $11 billion, or $180 a share in an all-cash deal.
Although Bloomberg couldn't identify the potential suitor in its initial report, Bristol Myers Squibb (NYSE: BMY) is the obvious candidate. Bristol already owns a sizable stake in Acceleron through its prior acquisition of Celgene, and the two companies are collaborating on the blood cancer drug Reblozyl and the late-stage pulmonary arterial hypertension (PAH) drug candidate Sotatercept.
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Why Acceleron Pharma Stock Jumped This Week