TELETRADER News
11/7/2022, 5:48 PM
(Source: TeleTrader)
Viatris soars 14% on S&P amid new acquisition plans
The shares of pharma giant Viatris Inc. surged more than 14% on Monday as the recently announced acquisition plans pushed positive sentiment among investors.
Ahead of the opening bell, Viatris confirmed it has entered agreements to buy Oyster Point Pharma and Famy Life Sciences for a total amount of $700-750 million in cash, with the deals expected to go through in the first quarter of next year. The acquisitions will add at least $1 billion in net sales within the next five years, the company noted.
Viatris soared 14.10% at 11:46 am ET to sell for $11.07 apiece, rebounding to levels last seen in early August. It led the S&P 500's gainers' table, with the index standing barely in the positive territory by gaining 0.11%.