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TheStreet Open House

Why Furiex Pharmaceuticals (FURX) Stock Soared Today

Stocks in this article: FURX

NEW YORK (TheStreet) -- Furiex Pharmaceuticals  (FURX) surged 28.57% to $103.05 at the close of trading on Monday after Forest Laboratories  (FRX) announced it would acquire the company for $1.5 billion.

This deal comes more than two months after news that Actavis, based in Ireland, would buy Forest for approximately $25 billion in a deal that should close in mid-2014. Forest said Monday that Actavis agreed to and supports the Furiex acquisition, according to USA Today.

Forest said it would pay approximately $1.1 billion in cash, or $95 per share, for Furiex. and would pay an additional amount of up to approximately $360 million depending on the development of eluxadoline. The drug treats symptoms of diarrhea-predominant irritable bowel syndrome, which affects nearly 28 million people in the U.S. and Europe.

Several law firms subsequently announced investigations into the deal.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. FURX Chart

FURX data by YCharts

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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