Pardes Biosciences up on buyout deal with MediPacific

Pardes Biosciences

17/07/2023 15:02

(Updates)
    ** Shares of drug developer Pardes Biosciences  PRDS.O  rise
14.6% to $2.12 in early trading  
    ** Co says it entered into an agreement to be acquired by
MediPacific for at least $2.02/shr in cash, and additional cash
amount of up to $0.17/shr
    ** At $2.02/shr, deal values PRDS at $124.7 mln, according
to Refinitiv data  
    ** Final price per share to be based on amount of co's net
cash at closing, plus contingent value right associated with its
experimental COVID-19 drug portfolio - PRDS 
    ** Deal expected to close in Q3 this year 
    ** Stock is up 9.5% YTD, as of last close  

 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))