Innocoll Holdings stock surges 33% after agreeing to up to $209 mln acquisition by Gurnet Point


Innocoll Holdings PLC
INNL
shares surged as much as 32.7% in morning trade Wednesday after the company said it had agreed to an acquisition of up to $209 million by healthcare investment fund Gurnet Point LP. The $209 million includes certain potential payments associated with the approval of Innocoll’s Xaracoll product, which is intended for post-operative pain, in the next several years. Innocoll said the agreement, which includes a term loan of $10 million from Gurnet Point, would allow the company to continue to pursue approval for Xaracoll. Innocoll got a refusal to file letter from the Food and Drug Administration for the product in late December, which the regulator typically issues when it finds a drug application deficient. Innocoll said that the FDA characterizes Xaracoll as a drug-device combination product, meaning more clinical trials are required for approval. The company said it believes that the requisite studies could be done in time to re-submit a drug application by the end of this year, which would put Xaracoll on track to be sold by the end of 2018. Innocoll shares were valued at $2.26 as of Wednesday morning. Shares have surged 229.1% over the last three months, compared with a 4.6% rise in the S&P 500
SPX,
+0.43%.

See also  https://www.marketwatch.com/story/global-carbon-black-dispersion-market-size-share-value-and-competitive-landscape-2020-2021-04-02


View more information: https://www.marketwatch.com/story/innocoll-holdings-stock-surges-33-after-agreeing-to-up-to-209-mln-acquisition-by-gurnet-point-2017-04-05

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