Gracell soars on AstraZeneca buyout deal

Gracell Biotechnologies

26/12/2023 10:55

** U.S.-listed shares of China-based Gracell Biotechnologies
 GRCL.O  rise ~60% to $9.87 premarket
    ** AstraZeneca  AZN.L  agrees to buy cancer therapy
developer Gracell for up to $1.2 billion
    ** The cash deal values Gracell at $2.00 per ordinary share,
equivalent to $10.00 per American Depositary Share 
    ** Deal also has a non-tradable contingent value right of
$0.30 per ordinary share, if certain regulatory milestones are
met
    ** The deal is expected to close in the first quarter of
2024
    ** Up to last close, stock up more than double YTD

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))