Liminal BioSciences [LMNL] - Last Close: $5.92
Liminal Bio is rallying after announcing a buy out deal.
This morning, the tiny biotech said it has agreed to a "go private" transaction with Structured Alpha LP that will pay shareholders $8.50 per share.
The purchase price represents a 43.5% premium from LMNL's Tuesday closing price.
Liminal CEO Bruce Pritchard said, "the transaction will deliver immediate value and liquidity to our minority shareholders at a substantial premium."
The transaction is expected to close no later than Sept. 30th, 2023, according to the company's press release.
News of the deal rallied LMNL to a 42.5% gain on elevated trading volume in today's premarket.
My Take: There's not much upside left on the table for LMNL at this point. There's no point of trying to chase this one down if you already missed it.
AVROBIO [AVRO] - Last Close: $0.9797
AVROBIO's early morning announcement is sending share prices higher.
Moments ago, the tiny gene therapy firm announced plans to begin exploring strategic alternatives following the completion of a review of its businesses.
AVROBIO said it has decided to halt further development of its programs, and it will conduct a comprehensive review to maximize shareholder value.
Potential actions could include acquisition, merger, business combination, or other transaction, but here's no guarantee AVROBIO's efforts will result in a deal.
AVRO is up 22.4% on the news.
My Take: AVRO is dead in the water as far as the company is concerned, but the market is buying in hopes that the strategic review will result in a deal that will deliver a pay day. It's a speculative gamble, but it could work out if AVRO can make a deal.
