UniQure NV (QURE) Stock Soars to 52-Week High on Bristol-Myers Squibb Investment
Posted: April 7, 2015 at 2:40 am
NEW YORK ( TheStreet) -- Shares of UniQure NV (QURE)soared more than 50% to a 52-week high of $35.50in morning trading Monday after Bristol-Myers Squibbinvested in the Dutch company to collaborate on gene therapies for cardiovascular disease.
Bristol-Myers will have exclusive access to UniQure's proprietary gene therapy program for congestive heart failure. The two companies will collaborate on 10 targets and could also work on more projects for other diseases in the future.
Bristol-Myers will pay approximately$100 million, including an upfront payment of $50 million, a $15 million payment to select two collaboration targets, and a $32 million investment in UniQure for a 4.9% stake in the Dutch company. Bristol-Myers will earn an additional 5% ownership before the end of the year at a 10% premium.
UniQure is eligible toreceive at least an additional $254 million if certain milestones are reached. It can also receive $217 million for other gene therapy products.
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UniQure NV (QURE) Stock Soars to 52-Week High on Bristol-Myers Squibb Investment