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Relypsa Stock Surges on $1.53 Billion Galenica Takeover Offer

Shares of Relypsa surged on news of a takeover by Galenica, the owner of Switzerland's biggest pharmacy network.

Shares of Relypsa (RLYP) surged Thursday on news that Galenica, the owner of Switzerland's largest pharmacy network, has made a $1.53 billion takeover offer for the company. The $32 a share offer represents a 59 percent premium to Wednesday's closing price for Relypsa. The company makes Veltassa, the first new medicine in 50 years for treating excessive levels of potassium in the blood. But, Veltassa could soon face competition from AstraZeneca's ZS-9, which is currently awaiting U.S. approval.

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