GNMK - Why GenMark Stock Soared Today
Shares of GenMark Diagnostics (NASDAQ: GNMK) surged 29.6% on Monday after the molecular testing company said it has agreed to a merger with Swiss pharmaceutical giant Roche Holding (OTC: RHHBY) .
Roche will conduct a tender offer to acquire all of GenMark's outstanding stock for $24.05 per share, a roughly 43% premium to the price at which its shares were trading before rumors of the merger emerged back in February. The all-cash deal values GenMark at roughly $1.8 billion. It's expected to close in the second quarter.
GenMark and Roche agreed to a merger on Monday. Image source: Getty Images.
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Why GenMark Stock Soared Today