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Shares of rare-cancer company Sierra Oncology (NASDAQ: SRRA) jumped by as much as 38% in premarket trading Wednesday morning. The drugmaker's stock is surging this morning in response to a $1.9 billion buyout agreement with U.K. pharma giant GlaxoSmithKline (NYSE: GSK) .
Sierra's shareholders will reportedly receive $55 per share in cash, which represents a 39% premium relative to where Sierra's shares closed Tuesday afternoon. The transaction is expected to close in the third quarter of 2022.