Pre-Open Movers 5/29: Kosan (KOSN) Surges On Buyback, Evergreen …
BMS and Kosan announced that they have signed a merger agreement for $5.50 per share (a 233% premium over Kosans previous day closing price of $1.65) in cash. After deducting the roughly $40M cash Kosan has in the bank, the price tag for BMS will touch $190 million. Something has to give, BMS loses patent exclusivity (and probably +$3B in sales) for Plavix in 2009.
Sources:
- www.pharmababble.com
- www.bloggingbuyouts.com
- www.biospace.com
- feeds.foxbusiness.com
- feeds.drugs.com
- www.marketgawk.com
Tags: agix, bms, bristol myers, exclusivity, kosan, kosan biosciences, kosn, merger agreement, patent, plavix, price tag, trmp