Why Biogen Stock Sank While the Market Soared on Thursday

Bullishness was in the air on the stock market on Tuesday, but you'd hardly know that from the performance of Biogen (NASDAQ: BIIB). The healthcare sector mainstay saw its share price slump by over 2% that trading session, in contrast to the gravity-defying S&P 500 index's nearly 3% increase. Investors were clearly unimpressed with the company's latest acquisition news.Biogen announced prior to market open that it has agreed to acquire a peer, Apellis Pharmaceuticals (NASDAQ: APLS). The agreed price is $41 per share, payable in cash, valuing the deal's total at roughly $5.6 billion. Apellis investors will also receive a non-transferable contingent value right for each share they hold; this will entitle them to receive two payments of $2 per share if Apellis's star Syfovre drug meets certain sales benchmarks. Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool