Miromatrix Medical stock soars after it agrees to be bought by United Therapeutics

Miromatrix Medical Inc.'s stock (MIRO) jumped 230% in premarket trades on Monday after the company agreed to be acquired by United Therapeutics Corp. (UTHR) for $3.25 per share in cash, or about $91 million. The deal also includes a milestone payment of $1.75 per share in cash upon the achievement of clinical development of Miromatrix's development-stage, fully-implantable manufactured kidney product, Mirokidney by Dec. 31, 2025. The price of $3.25 a share amounts to a premium of approximately 170% to the 30-day volume-weighted average trading price of Miromatrix's common stock as of Friday. Miromatrix's board has recommended that Miromatrix's stockholders agree to the offer. The deal is expected to close in the fourth quarter. United Therapeutics's stock is down 21% so far in 2023, compared to a 20.8% rise by the Nasdaq .

-Steve Gelsi

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10-30-23 0623ET

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