Boston-based biotech company Vertex Pharmaceuticals agreed to acquire Seattle-based Alpine Immune Sciences for $65 per share, totaling about $4.9 billion in cash, a 38% premium over Alpine’s closing price on Wednesday afternoon.
The premium would have been higher, around 67%, based on Alpine’s closing price on Tuesday. However, the company’s stock jumped 21% in regular trading Wednesday after Bloomberg News reported it was considering a sale.
Alpine develops immunotherapies to address cancer, kidney disease, and other serious autoimmune and inflammatory conditions by engineering proteins that influence the body’s immune response.