Iveric Bio soars on Astellas' $5.9 bln buyout deal

IVERIC bio

01/05/2023 15:17

(Updates)
    ** Shares of eye disease drugmaker Iveric Bio  ISEE.O  rises
to near 6-1/2 year high
    ** Stock last up 14% at $37.5
    ** 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 says it 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
    ** About 13.4 mln ISEE shares change hands, more than 6
times the stock's 25-day moving average volume
    ** Up to last close, Iveric Bio stock up 53.6% so far this
year

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