NEW YORK (TheStreet) -- Pernix Therapeutics (PTX) soared more than 35% to a one-year high of $6.10 on Wednesday after the pharmaceutical company announced it would acquire the U.S rights to Treximet in an agreement with GlaxoSmithKline (GSK).
Treximet is used for the acute treatment of migraine attacks with or without aura in adults. Pernix announces it expects the acquisition to close no later than Aug. 1.
Pernix also said it expects pro forma total revenue for the full year 2015 to exceed $230 million and sees EBTIDA margin greater than 40%.
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The stock was up 32.71% to $5.68 at 12:02 p.m. Nearly 5 million shares had changed hands, well above the average volume of 393,211.