ZS Pharma (ZSPH) Stock Skyrockets on AstraZeneca Merger

ZS Pharma (ZSPH) stock is spiking in late morning trading on Friday, after the biopharmaceutical company agreed to be acquired by AstraZeneca (AZN) for $2.7 billion.
By Rachel Graf ,

NEW YORK (TheStreet) -- ZS Pharma (ZSPH) stock is soaring by 40.86% to $89.18 on heavy volume in late morning trading on Friday, after the company agreed to be acquired by AstraZeneca (AZN) for $2.7 billion.

AstraZeneca will pay $90 per share for the biopharmaceutical company, a premium of roughly 42% to ZS Pharma's closing price on Thursday, the Wall Street Journal reports. 

The deal is expected to strengthen AstraZeneca's cardiovascular disease portfolio, and should boost earnings by 2018.

The transaction should close by the end of this year. 

About 9.74 million shares of ZS Pharma have been traded so far today, well above the company's average trading volume of about 684,807 shares a day.

ZSPH

data by

YCharts

Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

Loading ...