Analogic Corp. (ALOG, Financial) announced that it has entered into a merger agreement with Altaris Capital Partners for $84.00 per share in cash, or approximately $1.1 billion on a fully diluted basis.
The agreement was unanimously approved by Analogic's board of directors. "The Board has always sought to maximize stockholder value," said Bernard Bailey, chairman of the Analogic board of directors. He added: "Given the increasingly competitive markets that we serve, we have been focused on the need to achieve greater scale in order to generate sustained profitable growth. As a result, the board initiated a review of strategic alternatives available to Analogic. This 10-month, comprehensive process resulted in today's transaction with Altaris that provides stockholders with immediate, substantial, and certain cash value. The board strongly believes that a transaction with a buyer with strategic assets like Altaris provides maximum value for and is in the best interest of Analogic stockholders."
Shares of Neuralstem Inc. (CUR, Financial) jumped 15% on news that it completed a part of a Phase 1 study. The study involves treatment for patients with chronic spinal chord injury.
Karl Johe, the company's chief scientific officer said: “This study involves complete injury patients with no motor or sensory function below injury. The first four paraplegic cases with thoracic injury went exceptionally well. We are excited to move forward with the next four quadriplegic cases with cervical injury.”
Karyopharm Therapeutics Inc. (KPTI, Financial) soared more than 6.5% in Tuesday after the Food & Drug Administration granted a Fast Track designation to its oral Selective Inhibitor of Nuclear Export (SINE) compound selinexor that is used for the treatment of patients with multiple myeloma.
The Hershey Co. (HSY, Financial) lost more than 3% after analysts at UBS downgraded the company to sell from neutral due to the company's high level of exposure to "slowing" categories and increased competition. The new price target is now $90 from $106 while the current price is still about $6 over that level, or 6.7%.
(Disclosure: The author holds no position in any stocks mentioned).
