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Axcan Pharma Fetches $1.3 Billion

The stock surges on TPG Capital's offer of $23.35 a share.

Shares of

Axcan Pharma


soared 24% Thursday on news the Quebec-based pharmaceutical company agreed to a $1.3 billion all-cash buyout offer.

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Private investment firm TPG Capital will acquire all of Axcan's common shares for $23.35 apiece, a 28% premium over the average trading price on Nov. 28.

Axcan expects that the transaction, which was unanimously approved by the board but is subject to shareholder approval, will be completed in the first calendar quarter of 2008.

The stock climbed $4.36 higher to $22.57, surpassing its previous 52-week high of $21.40.