Deals
Allergan Buys Liver Drug Maker Tobira, Sending Biotech Stocks Up
- Premium of at least 498 percent over Tobira’s Monday close
- Other liver drug stocks soar: Intercept, Galectin, Conatus
Allergan to Buy Tobria in Deal Nearing $1.7 Billion
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Allergan Plc’s agreement to buy Tobira Therapeutics Inc. for as much as $1.7 billion sent biotech stocks soaring Tuesday, as investors bet that buyers will emerge for other companies developing experimental treatments for a liver disease known as NASH.
NASH, or non-alcoholic steatohepatitis, is a severe type of fatty liver disease that has become one of the hottest areas in biotech -- and Allergan’s 498 percent premium for Tobira just made it even hotter.