ENDP - Why Endo International and BioSpecifics Technologies Stocks Soared Today
Shares of Endo International (NASDAQ: ENDP) and BioSpecifics Technologies (NASDAQ: BSTC) were soaring 13.9% and 45.1%, respectively, as of 3:31 p.m. EDT on Monday. The big gains came after Endo announced plans to acquire BioSpecifics Technologies for $540 million net of cash acquired in the deal.
It makes perfect sense why BioSpecifics Technologies share price took off. Endo's offer of $88.50 per share represented a 45% premium over the closing price of the small biotech stock on Friday.
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Why Endo International and BioSpecifics Technologies Stocks Soared Today