Why NPS Pharmaceuticals (NPSP) Stock Is Surging Today

NEW YORK (TheStreet) -- NPS Pharmaceuticals  (NPSP) surged Monday amid reports that Shire would take over the biopharmaceutical company.

Shire recently set up a $5 billion credit facility from multiple banks led by Citigroup  (C) to finance its takeover offer for NPS. The Financial Times reported that NPS board member Colin Broom would play a crucial role in the takeover conversations. Broom also serves as the chief scientific officer of ViroPharma, which Shire acquired last year.

NPS' only approved product in the U.S. and Europe is Gattex/Revestive, a treatment for adult PN-dependent short bowel syndrome.

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The stock was up 13.81% to $35.43 at 10:15 a.m. on Monday.

NPSP Price Chart

NPSP Price data by YCharts

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