Shares of precision medicine company Akouos (NASDAQ:AKUS) are soaring today after Eli Lilly (NYSE:LLY) agreed to acquire it in a deal pegged at ~$487 million along with a contingent value right (CVR) for an amount of up to ~$610 million.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Akouos is working toward developing gene therapies for treating inner ear conditions. Next, Lilly will begin a tender offer for all outstanding Akouos stock at $12.50 apiece. The $3 CVR per share takes the total consideration to $15.50 per share.
Shares are now up ~87% at the market open today.
Read full Disclosure
