NGM Biopharmaceuticals saw a significant decrease in shares by 20% to $1.52 following the announcement of its acquisition by Atlas Neon Parent and Atlas Neon Merger Sub for $1.55 per share in cash. This marks a 67% decline in stock value over the last year.

Details of the Acquisition

Affiliates of The Column Group, NGM Bio's largest stockholder with a 26% stake in the company, are behind this acquisition. Existing stockholders have opted to contribute their shares as part of the deal rather than accept the cash offer. The total equity value of this acquisition amounts to $135 million, offering an impressive 80% premium over the closing price on Dec. 29.

Financial Position of NGM Bio

As of Sept. 30, 2023, NGM Bio held $166 million in cash, equivalents, and short-term marketable securities. By the end of Dec. 31, this figure was estimated to be around $144.2 million.

Transition to Private Ownership

The acquisition is scheduled to be finalized in the second quarter of 2024. Upon completion, NGM Bio is set to become a privately held entity and will no longer be listed on Nasdaq.

Boeing Delivery Delays Impact Airfares

BYD Unveils U9 Supercar

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

AstraZeneca's Enhertu Receives Recommendation for Approval in the EU
News

AstraZeneca's Enhertu Receives Recommendation for Approval in the EU

AstraZeneca's Enhertu, a breakthrough lung cancer drug, has received a recommendation for approval in the EU. The drug s...

Deutsche Bank Expects to Boost Shareholder Returns
News

Deutsche Bank Expects to Boost Shareholder Returns

Deutsche Bank shares increase as it expresses optimism about enhancing shareholder returns through 2025 and beyond. Plan...

Recovery Efforts Continue in Lahaina After Wildfire
News

Recovery Efforts Continue in Lahaina After Wildfire

Governor Green announces financial assistance for families and businesses affected by the Lahaina wildfire. Travel restr...

Thailand SET Index Drop
News

Thailand SET Index Drop

Thailand SET Index dropped 0.4%, MGI leads gains; regional markets fluctuate. USD and Euro weakened against baht.