SciClone Pharmaceuticals' Stock Tumbles After Ending Discussions With Acquirers

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of SciClone Pharmaceuticals Inc. plunged 21% in premarket trade Tuesday, after the drugmaker said it was no longer continuing active discussions with potential acquirers. The company said it had approached a number of potential acquirers, but determined it was in the best interest of its shareholders to remain an independent publicly-traded company. "None of the bids under discussion reflected a premium to the company's recent trading price," SciClone said in a statement. The company said it expects adjusted 2016 earnings per share of 70 cents to 74 cents, compared with 56 cents a year ago. There is no FactSet consensus for 2016. Revenue is expected to rise to $158 million to $163 million from $157.3 million a year ago. The stock had run up 44% year to date through Monday, while the S&P 500 has gained 6%.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below