Shares of Horizon Pharma PLC (NASDAQ:HZNP) ended Tuesday session in green amid volatile trading. The shares closed up +0.04 points or 0.21% at $18.86 with 2.43 million shares getting traded. Post opening the session at $18.67, the shares hit an intraday low of $18.50 and an intraday high of $19.11 and the price vacillated in this range throughout the day. The company has a market cap of $3.13 billion and the numbers of outstanding shares have been calculated to be 160.90 million shares.
On Sept. 12, 2016 Horizon Pharma plc (HZNP) and Raptor Pharmaceutical Corp. (RPTP) announced the companies have entered into a definitive agreement under which Horizon Pharma will acquire all of the issued and outstanding shares of Raptor Pharmaceutical Corp. common stock for $9.00 per share in cash, for an implied fully diluted equity value of approximately $800 million. The transaction is expected to close in the fourth quarter of 2016.
“The proposed acquisition of Raptor furthers our commitment to helping people with rare diseases and is a significant step in advancing our strategy to expand our rare disease business,” said Timothy P. Walbert, chairman, president and chief executive officer, Horizon Pharma plc. “Along with the potential for accelerated revenue growth, the addition of Raptor strengthens our U.S. orphan business and provides a platform to expand our orphan business in Europe and other key international markets. We look forward to working with new patient communities and building on the success of the Raptor team.”
Shares of Prima BioMed Ltd (ADR) (NASDAQ:PBMD) ended Tuesday session in red amid volatile trading. The shares closed down -0.005 points or 0.56% at $0.880 with 38,034.00 shares getting traded. Post opening the session at $0.88, the shares hit an intraday low of $0.88 and an intraday high of $0.89 and the price vacillated in this range throughout the day. The company has a market cap of $61.03 million and the numbers of outstanding shares have been calculated to be 68.97 million shares.
Prima BioMed Ltd (ADR) (PBMD) on Aug 24, 2016 announced the granting of patent number 2142210 entitled “Cytotoxic anti-LAG-3 monoclonal antibody and its use in the treatment or prevention of organ transplant rejection and autoimmune disease” by the European Patent Office.
The patent relates to Prima’s IMP731 antibody (originally developed by Immutep SAS). The granted claims provide protection for specific sequences of anti-LAG-3 antibodies and their use in depleting LAG-3+ T cells by complement dependent cytotoxicity (CDC) and antibody-dependent cell cytotoxicity (ADCC).
Rights for the development of the IMP731 antibody were granted in December 2010 to GSK, which has commenced first-in-human clinical trials of the proprietary antibody (GSK2831781) derived from IMP731.