Shares of Albany Molecular Research (AMRI) jumped nearly 9% to $21.54 in premarket trading on the heels of news that the Albany, N.Y.-based firm agreed to be acquired by private equity firms Carlyle Group and GTCR for $21.75 per share in cash.
The price tag marks a 42% premium to the 60-day weighted average closing stock price leading up to April 5, the last trading day before the media reported on a potential sale process.
Meanwhile, shares of Acorda Therapeutics (ACOR) rose 8.8% to $16.65. The Ardsley, N.Y.-based firm after the market close on Monday said data from a phase three study of CVT-301 (levodopa inhalation powder) showed "a statistically significant, clinically meaningful improvement in motor function, as measured by the Unified Parkinson's Disease Rating Scale - Part III (UPDRS III) in people with Parkinson's experiencing OFF periods." OFF periods refer to the re-emergence of Parkinson's symptoms.
The company added that multiple secondary endpoints were supportive of the primary endpoint result. Acorda is presenting the data at the International Congress of Parkinson's Disease and Movement Disorders, which is taking place June 4 - 8 in Vancouver.
In other Acorda news, the company said Tuesday it is presenting new data from clinical and preclinical studies of tozadenant at the event. Tozadenant is being developed as a maintenance therapy to reduce OFF time for people with Parkinson's taking an oral carbidopa / levodopa regimen.Other biotech movers include PTC Therapeutics ( PTCT) , up 7.7% to $14.59. The South Plainfield, N.J.-based firm Tuesday said it was informed by the U.S. Food and Drug Administration of the tentative scheduling of a Peripheral and Central Nervous Systems Drugs Advisory Committee meeting on Sept. 28 to review the new drug application for ataluren (Translarna), a protein restoration therapy to treat nonsense mutation dystrophinopathy.
The news comes after PTC unveiled executive promotions on Monday. The company elevated Marcio Souza to chief operating officer and Christine Utter to principal financial officer and treasurer.
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