- The stock price of Acasti Pharma Inc (NASDAQ: ACST) increased by over 10% pre-market. This is why it happened.
The stock price of Acasti Pharma Inc (NASDAQ: ACST) increased by over 10% pre-market. Investors are responding positively to the company announcing a definitive agreement to buy Grace Therapeutics, a privately held emerging biopharmaceutical company focused on developing innovative drug delivery technologies for the treatment of rare and orphan diseases.
Subject to the completion of the deal, Acasti is going to acquire Grace’s pipeline of drug candidates addressing critical unmet medical needs with the potential to deliver significant value to patients and providers. And it is anticipated that the cash at closing of about $64 million will be principally used to pursue the clinical development of the first two assets through Phase 3, and further advance earlier pipeline assets into the clinic.
The proposed deal has been approved by the boards of directors of both companies and is supported by Grace shareholders through voting and lock-up agreements with Acasti. The transaction remains subject to approval of Acasti stockholders as well as applicable stock exchanges.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
