2024-02-09 11:24:39 ET
Summary
- AbbVie Inc. is set to finalize its deal for ImmunoGen, Inc. on February 12, with a small upside to the deal's closing price.
- The narrow spread and potential trading costs make it a reasonable decision to sell at this point.
- The yield on short-term treasuries is 5.31%, and that's the minimum for the annualized yield I'm looking for here.
AbbVie Inc. ( ABBV ) is about to finalize its deal for ImmunoGen, Inc. ( IMGN ) on February 12. IMGN shares now trade at $31.23 (pre-market $31.24), which means there is around a 0.09% upside to the deal's successful closing for $31.26. The spread rapidly closed after the company reported the HSR waiting period passed, and the company expects to close it on the 12th. In my previous write-up on the AbbVie-Immunogen deal, I explained why I thought this would be unlikely to get a 2nd request. Given the narrow spread left here, I think it's a reasonable decision to sell....
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For further details see:
Final Countdown: AbbVie's Imminent Closure With ImmunoGen And What It Means