Relypsa's Stock Rockets On Heavy Volume After Buyout Deal

Shares of Relypsa Inc. rocketed 59% in active premarket trade Thursday, after the biopharmaceutical company agreed to be acquired by Switzerland-based Galencia Group in a deal valued at $1.53 billion. Under terms of the deal, Relypsa shareholders will receive $32 in cash for each share they own. That represents a 59% premium to Wednesday's closing price of $20.10, and is a level the stock hasn't traded at since Aug. 6, 2015. The deal is expected to close in the current third quarter. Volume topped 3.7 million shares more than an hour before the open, which was already above the full-day average. The stock had tumbled 29% year to date through Wednesday, while the S&P 500 has gained 6.3%.