JAZZ - Why GW Pharmaceuticals Stock Is Skyrocketing Today
Shares of GW Pharmaceuticals (NASDAQ: GWPH) were skyrocketing 46.3% as of 10:45 a.m. EST on Wednesday. The huge gain came after Jazz Pharmaceuticals (NASDAQ: JAZZ) announced plans to acquire GW for $7.2 billion.
It's certainly not surprising in the least that GW Pharmaceuticals' shares took off today. Jazz's offer of $220 per share for GW represents a 50% premium to the closing price of the cannabinoid-focused biotech stock on Tuesday.
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Why GW Pharmaceuticals Stock Is Skyrocketing Today