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ovenerio
Omar Venerio
Articles (1153) 

TiGenix Skyrockets on Acquisition News

Takeda plans to buy the biopharmaceutical company

Wall Street was up in premarket trading on Friday with all the main indexes well in the green, fueled by a December jobs report that showed an improvement in the labor market. The Dow Jones Industrial Average rose to more than 25,100 points –an all-time high- with tech stocks rallying.

Shares of TiGenix NV (NASDAQ:TIG) jumped nearly 70% on news Takeda Pharmaceutical (TSE:4502) will acquire the company for 520 million euros ($626.3 million) in cash, or 1.78 euros per ordinary share. The takeover will give Takeda control of Cx601 (darvadstrocel), a stem cell therapy used to treat Crohn's disease. The agreement will also expand Takeda's late-stage gastroenterology pipeline while strengthening its presence in the U.S. specialty care market.

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Global markets

The main European stock markets traded higher for the third consecutive day. The U.K.'s FTSE 100 rose 0.37%, France's CAC 40 climbed 1.05%, Germany's Dax jumped 1.15% and Spain's Ibex 35 gained 0.94%.

In Asia, Japan's Nikkei 225 gained 0.89%, India’s BSE Sensex inched up 0.54%, Hong Kong's Hang Seng rose 0.25% and China's SSE Composite gained 0.18%.

Disclosure: The author holds no positions in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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