Shares of BioDelivery Sciences International Inc.
blasted 51.7% higher to pace all premarket gainers Monday, after the specialty pharmaceutical company with a portfolio of pain and neurology products agreed to be acquired by Collegium Pharmaceutical Inc.
in a deal valued at about $604 million. Collegium’s stock was still inactive ahead of the open. Under terms of the deal, Collegium will pay $5.60 in cash for each BioDelivery share outstanding, which represents a 53.8% premium to Friday’s closing price of $3.64. The deal is expected to close in the first quarter of 2022. BioDelivery’s stock, which is on track to open at a two-year high, has rallied 12.4% over the past three months and Collegium shares have dropped 9.7%, while the S&P 500
has lost 5.6%.