Landos Biopharma surges on buyout deal from AbbVie

Landos Biopharma

25/03/2024 13:24

** Shares of therapy developer Landos Biopharma  LABP.O 
more than triple to $23.56 premarket 
    ** Co to be acquired by AbbVie  ABBV.N  for up to $212 mln 
    ** Under the deal, ABBV will buy Landos for $20.42 per share
in cash, or about $137.5 million in total, a premium of 160.8%
to LABP's last close on Friday 
     ** ABBV to also pay Landos shareholders an additional up to
$11.14 per share, or around $75 million in total in milestone
payments 
    ** The deal is expected to close in the second quarter
    ** LABP is currently conducting a mid-stage study of its
lead experimental drug, NX-13, in a type of inflammatory bowel
disease called ulcerative colitis
    ** Up to last close, LABP's shares more than double YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))