G1 Therapeutics jumps on $405 mln buyout from Pharmacosmos

G1 Therapeutics

07/08/2024 12:12

** Shares of G1 Therapeutics  GTHX.O  jump ~64% to $6.95
premarket 
    ** Co to be acquired by Denmark-based Pharmacosmos for about
$405 million in cash 
    ** Pharmacosmos' offer of $7.15 per share represents 68%
premium over GTHX's previous close 
    ** Deal will add GTHX's drug, Cosela, to Pharmacosmos'
portfolio 
    ** Cosela is approved for use in lung cancer patients before
they receive chemotherapy, to protect bone marrow function
    ** Upon close, GTHX and U.S. unit of Pharmacosmos aim to
expand Cosela's commercial reach among oncologists and patients
    ** Privately-owned Pharmacosmos will commence cash tender
offer to acquire GTHX's common stock; expects to finance deal
with existing cash on hand and credit
    ** Deal is expected to close in third quarter of this year 
    ** As of last close, GTHX up 40% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))