By Chris Wack
Miromatrix Medical shares tripled to $3.34 after the company received a buyout offer from United Therapeutics with a purchase price of $3.25 a share in cash at closing, or about $91 million.
The stock hit its 52-week low of 91 cents on May 25, and is down 15% in the past 12 months.
Miromatrix shareholders could receive an additional $1.75 a share in cash upon the achievement of a clinical development milestone related to its development-stage, fully implantable manufactured kidney product known as mirokidney.
The transaction isn’t subject to any financing conditions and is expected to close in the fourth quarter.
The purchase price payable at closing represents a premium of 170% to the 30-day volume-weighted average trading price of Miromatrix’s stock ended Friday, the last trading day before the announcement of the transaction.
Miromatrix’s board of directors unanimously recommends that its stockholders tender their shares in the tender offer.
Write to Chris Wack at [email protected]
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