$AEGR seems to have found a bottom and movin up
oops it
$AEGR seems to have found a bottom and movin up
oops it has news
Aegerion Pharmaceuticals Inc. agreed to merge with a subsidiary of QLT Inc. for about $43.4 million in equity, the drug developers said Wednesday.
Each Aegerion share will be exchanged for 1.0256 shares of QLT, an 11% premium based on Tuesday's closing prices. After the tie-up, Vancouver -based QLT will change its name to Novelion Therapeutics Inc. , and shares will trade on the Nasdaq Global Select Market and the Toronto Stock Exchange .
Aegerion Chief Executive Mary Szela will lead the combined company.
A "broad-based investor syndicate" of new investors and existing shareholders of both companies has committed to invest about $22 million in QLT and to vote in favor of the deal, which is expected to boost Novelion's cash balance to an unrestricted $100 million .
The merger is expected to create "a strong, rare disease-focused global biopharmaceutical company with a diversified portfolio" including Aegerion's two commercially branded products, Juxtapid capsules and Myalept, and QLT's orphan- designated drug being developed for the treatment of inherited retinal disease.
The transaction is expected to close late in the third quarter or during the fourth quarter.
Shares of Aegerion--which had tumbled from $16 in November to Tuesday's finish of $1.33 --shot up 47% Wednesday morning to $1.96 . Shares of QLT--which had fallen 52% this year--added 16% to $2.14 .
Write to Anne Steele at anne.steele@wsj.com.
(END) Dow Jones Newswires
06-15-16 0953ET
Copyright (c) 2016 Dow Jones & Company, Inc.
Scroll down for more posts ▼
Top 10 Most Recent News Articles
Pioneering Efforts in Early-Onset Colorectal Cancer Detection The battlefield of colorectal cancer prevention just got a serious upgrade with Intus Bio grabbing a $2.7 million award. This ain't just pocket change—it's a shot at rewriting the script on how we approach early-onset colorectal cancer, the pesky number one cancer gnawing at the under-50 crowd. Partnering...
Continue Reading
Rethinking Fire Safety with a Global Mindset The 2026 World Fire Congress wrapped up in London, signaling a big shift in how we tackle fire safety. Over 60 nations were represented, and they all walked away singing the same tune: if we’re going to handle these ever-mounting fire risks, we have to lean on each other a lot more. Next stop on this crusade? The flashy city...
Continue Reading
A Somber Day at NYSE: Reflecting on 9/11 September 11th grips the heart of NYSE every year, but this year's 25th-anniversary powerfully reverberates through its hallowed halls. The hustle of the trading floor halts for a moment at 9:20 AM ET, paying homage to those lost in the harrowing attacks. I've seen the markets flap in the wind of countless crises, but nothing's...
Continue Reading
Nashville's Notable Deal in Industrial Supply On a muggy September day in Nashville, XLCS Partners announced it was at the helm of a noteworthy transaction—the sale of Signature Engineered Solutions (SES) to AFC Industries. Now, this isn't just another corporate shuffle; it's a calculated move in the gritty world of fastening and engineered solutions. The Nitty-Gritty...
Continue Reading
Copper's New Pulse: PolarX Makes Waves in Alaska Ever hear about striking copper so rich it's practically shimmering? Well, PolarX Limited just might have hit that sweet spot up in the rugged expanses of Alaska. Let me tell you, when you're knee-deep in resources, like what they’re discovering at the Caribou Dome Project, it sure feels like you’ve struck modern-day...
Continue Reading
New Leadership in Compliance Diving straight into the tumultuous sea of securities compliance, OneAscent's got a fresh captain at the helm. Monica Stoudemire's stepped into the Chief Compliance Officer's shoes with a track record that'd make any investor breathe a sigh of relief. After all, blending two decades of on-the-ground experience with regulatory acumen ain't...
Continue Reading
Massive Prize Pools Emerge in Just Four Days I found myself eyeballing some jaw-dropping numbers from Americas Cardroom's latest poker series, the Online Super Series XL. It's not every day you see nearly a hundred tournaments rake in over $7.2 million in prize pools in just four days. From September 6th to 9th, a whopping 62,847 entries signed up to make an honest...
Continue Reading
Unlock Puppet Magic with Jim Henson Tours Puppet fans, let me tell you, there's something going on in Queens, NY that's got both nostalgia and innovation scribbled all over it. We're talking about the legendary Jim Henson's Creature Shop opening its doors. If you're looking to relive the magic that helped shape a generation, get ready to dive into a world where creativity...
Continue Reading
Revolutionizing Estate Recovery Practices Here's the scoop: DCM Services (DCMS), that big shot in estate account resolution, is hooking up with AKUVO to shake up how credit unions handle estate recoveries. This alliance is a clear nod to modernizing a process stuck in the past. Let’s face it, handling decedent and probate accounts is no cakewalk, and traditional methods...
Continue Reading
Trailblazing in the Mortgage Game Well, what do we have here? CrossCountry Mortgage, the big cheese of retail mortgage lenders, is cranking up their conforming loan limits to a hefty $845,000. They're jumping the gun on the Federal Housing Finance Agency's official 2027 announcement. It's a classic move—proactive, bold, and a bit of a gamble, if you ask me. They’re...
Continue Reading
Top 5 Most Recently Viewed Articles
Carvana Reports Impressive Q3 Earnings Carvana Co (NYSE: CVNA) has recently shared its remarkable financial performance for the third quarter. With the company delivering robust growth metrics, stakeholders are excited about the direction in which it’s heading. Strong Revenue Growth This quarter, Carvana achieved a revenue of $3.66 billion. This figure is notably higher...
Continue Reading
Sinch's Cutting-Edge RCS Business Enablement Service Sinch is leading the way in transforming communication for businesses with its latest offering: the RCS Business Enablement service. This service aims to streamline RCS operations, enhancing monetization and simplifying financial management for telecom operators. As the mobile messaging landscape evolves, enterprises...
Continue Reading
Sampo plc Enhances Shareholder Value with Buyback Program Sampo plc is a prominent player in the financial services industry known for its strategic initiatives aimed at enhancing shareholder value. With recent developments in the stock market, Sampo has taken a noteworthy step by expanding its share buyback program significantly. This decision reflects the company's...
Continue Reading
GOGO Charters Enhances Its Services in Texas GOGO Charters is proud to announce an expansion of its daily charter bus services across Texas, specifically focusing on regions like Houston and Corpus Christi. This initiative showcases GOGO Charters' commitment to providing exceptional travel experiences while meeting the increasing demand for sustainable options. New Routes...
Continue Reading
Empowering Heart Health through Innovative Collaboration In a groundbreaking announcement, Health-E Commerce® has joined forces with Biotricity® to enhance remote cardiac monitoring solutions available for millions of consumers. This collaboration specifically aims to support individuals utilizing Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs)....
Continue Reading