Why Pardes Biosciences Shares Are Rising Monday

Pardes Biosciences Inc (NASDAQ:PRDS) shares are trading higher Monday after MediPacific agreed to acquire the company. 

What Happened: Pardes entered into a definitive merger agreement in which MediPacific will acquire the company for $2.02 to $2.19 per share in cash, as well as contingent value rights associated with any future monetization of its COVID-19 antiviral portfolio and related intellectual property.

In accordance with agreement terms, a subsidiary will commence a tender offer by July 28 to purchase all outstanding shares for a price based on the company's cash position at the time. The acquisition is expected to close in the third quarter.

Pardes is focused on discovering, developing and commercializing novel oral antiviral therapeutics to improve the lives of patients suffering from life-threatening diseases.

See Also: Why Activision Blizzard Stock Is Moving Higher Monday

PRDS Price Action: Pardes shares were up 15.1% at $2.13 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.