Shares of GW Pharmaceuticals plc (GWPH) are currently gaining nearly 50% after Jazz Pharmaceuticals announced it will buy the cannabis biotech company for $7.2 billion.
GWPH is currently trading at $215.89, up $69.64 or 47.62%, on the Nasdaq.
Jazz Pharmaceuticals will buy GW for $220.00 per American Depositary Share, in the form of $200.00 in cash and $20.00 in Jazz ordinary shares. The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the second quarter of 2021.
The acquisition is expected to close in the second quarter of 2021.
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