NEW YORK (TheStreet) --Shares of Baxalta (BXLT) are up 4.47% to $39.76 in afternoon trading on Tuesday as the company moves closer to accepting a bid from rival drug maker Shire Plc (SHPG), according to Reuters.
Baxalta's board rejected an all-stock $30 billion offer from the company in August, saying that it "significantly undervalued" the company, but Shire upped the percentage of cash in the offer.
Shire offered 40% of the deal in cash this week, according to the Sunday Times, to go along with its offer of $45 per share for the U.S.-based Baxalta.
Separately, the company announced that their biosimilar candidate M923 met the primary endpoint in a pharmacokinetic trial that was initiated in February of this year.
M923 was shown to be biosimilar to AbbVie's (ABBV) highly successful Humira drug. Humira is a chemotherapy and immunosupressant that can also treat arthritis, plaque psoriasis, ankylosing spondylitis, Crohn's disease, and ulcerative colitis.
The companies collaborated on development of the drug.