CYTO, biggest day in a long time. Almost back to the $1m level off of our original $100,000 investment. MLNM getting hit on COR deal. Deal does not make a huge amount of sense on the face of it. Glad we traded MLNM for SEPR.
DJ BEFORE THE BELL: Merger Puts Millennium Down, Cor Up
NEW YORK (Dow Jones)--Millennium Pharmaceuticals Inc. (MLNM) signed a
definitive agreement to acquire Cor Therapeutics Inc. (CORR) in a stock swap
valued at $2 billion.
As is the case with most stocks after a merger is announced, the acquirer's
shares fall, while the acquiree's rise. Cor's shares recently rose 50.46%, or
$9.96, to $29.70, while Millennium's shares fell 12.55%, or $4.45, to $31 at
the Island ECN.
The merger will create a pharmaceutical and research force with multiple
products already on the market, nine candidate products in human clinical
trials and more than 1,200 employees in research and development, Millennium
said in a press release Thursday.
The merger agreement, approved by the boards of both companies, offers Cor
shareholders 0.9873 shares of newly issued Millennium common stock in exchange
for each Cor share.
Shares of voice infrastructure software maker General Magic Inc. (GMGC)
rose 22.86%, or 8 cents, to 43 cents before the bell at Island. The company
said Wednesday it has raised $4.7 million for working capital purposes through |
