MNDY - Why Is Opiant Pharma (OPNT) Stock Up 116% Today?
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Opiant Pharmaceuticals (NASDAQ:OPNT) stock is rocketing higher on Monday following news that Indivior is acquiring the Narcan maker!
Indivior is offering to acquire shares of OPNT stock for $28 each. That represents a nearly 198% premium to the stock’s closing price of $9.40 on Friday. It also represents a 178% premium to the stock’s 30-day volume-weighted average share price.
Indivior will cash to fuel its $145 million acquisition of OPNT. This has it offering up $20 per share in cash up front for the stock, which is an 11% premium. The deal also includes a potential $8 per share if OPNT003 meets certain revenue thresholds over a seven-year period.
Roger Crystal, M.D., president and CEO of Opiant Pharmaceuticals, said the following about the acquisition.
“This transaction provides Opiant shareholders with immediate value in addition to the potential future upside from the CVRs. This transaction will also enable us to leverage Indivior’s commercial strength and resources to maximize the value of OPNT003 and our pipeline assets.”
More Details of the Acquisition Deal
Opiant Pharmaceuticals notes that its Board of Directors has already given its unanimous support to the deal with Indivior. On that same note, Indivior’s Board is also giving its full support to the deal.
Now the two just need to complete customary closing conditions for the acquisition. That includes getting approval from shareholders. If all goes well, the deal will close in the first quarter of 2023.
OPNT stock is seeing heavy trading on today’s news. As of this writing, more than 885,000 shares have changed hands. That’s a mighty leap over its daily average trading volume of about 14,000 shares.
OPNT stock is up 116.4% as of Monday morning.
Investors looking for more of the latest stock market news are in luck!
InvestorPlace has all of the hottest stock coverage traders need to know about on Monday! A few examples include what’s moving shares of Monday.com (NASDAQ:MNDY), AST SpaceMobile (NASDAQ:ASTS), and Sono Motors (NASDAQ:SEV) stock. You can find out more on these matters at the following links!
More Monday Stock Market News
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- Why Is Sono Motors (SEV) Stock Heating Up 10% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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