Sagent Pharmaceuticals' Stock Soars After Buyout Deal With Japan's Nichi-Iko

Shares of Sagent Pharmaceuticals Inc. soared 40% in premarket trade Monday, after the drug maker agreed to be acquired by Japan-based Nichi-Iko Pharmaceutical Co. Ltd. in a cash deal that would value Sagent at about $714.3 million. Under terms of the agreement, Nichi-Iko will pay $21.75 for each Sagent shares outstanding, which is 40% above Friday's closing price of $15.50. The stock hasn't closed as high as that price since Aug. 6, 2015. Sagent has 32.84 million shares outstanding, according to FactSet. "The combination will maintain Sagent's current operations and valued employees while providing accelerated expansion of our product offerings and accessibility to a robust pipeline of biosimilar pharmaceuticals," said Sagent Chief Executive Allan Oberman.