AUPH Stock Rockets To Record On Rumored Bristol Myers Takeover
The large pharma reportedly approached Aurinia to seek a deal, people familiar with the matter told Bloomberg. But no decision has been made yet, and Bristol Myers could still back out of negotiations, they said.
Representatives of the two companies declined comment to Investor’s Business Daily.
On today’s stock market, AUPH stock surged 26.8% to 28. Shares continued to climb after the close, rising another nearly 8%. Bristol Myers shares sank a fraction to 57.60.
AUPH Stock Flies On Rumored Deal
If successful, the deal would add an approved lupus drug to Bristol Myers’ wheelhouse. Aurinia sells Lupkynis, an immunosuppressant used in combination with other treatments to target adults with active lupus nephritis.
The Food and Drug Administration approved Lupkynis in January. In the second quarter, Aurinia reported $6.6 million in revenue. AUPH stock analysts call for the company to hit $13.9 million in third-quarter sales and then $24.2 million in the fourth quarter.
Aurinia also has experimental treatments for autoimmune and nephrology conditions. It has two drugs in preclinical testing. Aurinia plans to ask the FDA for permission to begin human testing of one by the end of 2022. The company expects the other to follow in 2023.
Shares Hit Record High
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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