Iveric Bio soars after Astellas' $5.9 bln deal to buy co

IVERIC bio

01/05/2023 10:41

** Shares of eye disease drugmaker Iveric Bio  ISEE.O  rise
17.9% to $38.79 in premarket trading
    ** Astellas Pharma Inc  4503.T , through its unit Berry
Merger Sub, Inc, to buy Iveric Bio for total equity value of
~$5.9 bln 
    ** Deal price of $40.00/share implies ~22% premium to ISEE's
closing price of $32.89 on April 28
    ** Astellas will fund deal with newly procured funds from
bank loans and commercial paper totaling ~800 bln yen ($5.8 bln)
and existing cash on hand
    ** Up to last close, Iveric Bio stock up 53.6% so far this
year

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))