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Why Chelsea Therapeutics (CHTP) Stock Is Soaring Today

NEW YORK (TheStreet) -- Chelsea Therapeutics (CHTP) soared Thursday amid news that Danish pharmaceutical company H. Lundbeck would takeover the company for up to $658 million.

Chelsea stockholders would receive $6.44 a share in cash and contingent value rights of up to $1.50 a share.

The deal would give H. Lundbeck the rights to Chelsea's drug Northera, which the U.S. Food and Drug Administration recently approved and should release in the third quarter of 2014. The drug treats a rare form of low blood pressure linked to neurological disorders such as Parkinson's disease.

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

Must Read: Why Sanderson Farms (SAFM) Stock Is Down Today

The stock was up 30.2% to $6.51 at 10 a.m.

For more on this story, read TheStreet's Adam Feuerstein's article here.

CHTP Chart

CHTP data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings 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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