Lexicon Pharmaceuticals stock surges after drug deal with EpiPens
The stock of the pharmaceuticals company acquired by EpiPen maker EpiPoint rose after the two sides announced a deal in which the company would acquire the pharmacy chain’s business.
The deal includes $1 billion in cash and cash equivalents, and a 25% share of Epi Point.
The deal is worth about $3 billion, according to Bloomberg, and could boost EpiPoints stock prices as the deal becomes more publicly known.
Lexicon Pharmaceutical, which has been operating in the U.S. for more than a decade, is the second largest drugmaker in the United States after CVS Caremark.
The company’s stock soared more than 50% last week after the announcement, after the news of the deal was first reported by Bloomberg.
The company is up more than 40% this year.