Miromatrix Medical stock soars after it agrees to be bought by United Therapeutics
Miromatrix Medical Inc.'s stock (MIRO) jumped 230% in premarket trades on Monday after the company agreed to be acquired by United Therapeutics Corp. (UTHR) for $3.25 per share in cash, or about $91 million. The deal also includes a milestone payment of $1.75 per share in cash upon the achievement of clinical development of Miromatrix's development-stage, fully-implantable manufactured kidney product, Mirokidney by Dec. 31, 2025. The price of $3.25 a share amounts to a premium of approximately 170% to the 30-day volume-weighted average trading price of Miromatrix's common stock as of Friday. Miromatrix's board has recommended that Miromatrix's stockholders agree to the offer. The deal is expected to close in the fourth quarter. United Therapeutics's stock is down 21% so far in 2023, compared to a 20.8% rise by the Nasdaq .
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
10-30-23 0623ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks