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Oct. 2, 2019, 8:34 a.m. EDT

Progenics's stock drops after all-stock buyout deal, as acquirer Lantheus's shares plunge

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By Tomi Kilgore

Shares of Progenics Pharmaceuticals Inc. dropped 5.5% in premarket trading Wednesday, even though the cancer treatment developer agreed to be acquired by Lantheus Holdings Inc. /zigman2/quotes/204144070/composite LNTH -3.47% in an all-stock deal, given the sharp selloff in Lantheus shares. Under terms of the agreement, Progenics shareholders will receive 0.2502 Lantheus shares for each Progenics share they own. Based on Tuesday's stock closing price of $24.03 for Lantheus and $4.95 for Progenics, the deal would value Progenics shares at $6.01, or a 21.5% premium, and suggest a market capitalization for Progenics of about $519.6 million. But with Lantheus shares plunging 18% toward an 8-month low ahead of the open, the deal would value Progenics' stock at about $4.93. The companies said the deal is expected to close in the first quarter of 2020, subject to shareholder approval. Progenics shares have gained 17.9% year to date and Lantheus's stock has climbed 53.6%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.72% has advanced 17.3%.

US : U.S.: Nasdaq
$ 68.36
-2.46 -3.47%
Volume: 1.06M
Sept. 23, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$4.70 billion
Rev. per Employee
-64.76 -1.72%
Volume: 2.22B
Sept. 23, 2022 5:04p

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