Deciphera Shares Hit 2-Year High After $2.4 Billion Buyout Offer From ONO Pharma

By Chris Wack

Deciphera Pharmaceuticals shares hit a two-year high after receiving a buyout offer from ONO Pharmaceutical for $25.60 a share in cash, through a tender offer with a total equity value of $2.4 billion.

The stock was up 72% to $25.24 in early Monday trading, the highest it has been since November 2021.

Upon closing, Deciphera will be merged with a wholly-owned subsidiary of ONO. The boards of directors of both companies have unanimously approved the transaction.

The purchase price represents a premium of 74.7% to Deciphera's closing share price of $14.65 on Friday, and a premium of 68.8% to Deciphera's 30-trading-day volume weighted average price as of Friday.

The acquisition is expected to close in the third quarter of 2024.

Upon completion, Deciphera will operate as a standalone business of ONO Group, from its headquarters in Waltham, Mass.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 29, 2024 10:08 ET (14:08 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.