UniQure's Stock Soars After Bristol-Myers Squibb Deal To Buy a Large Stake

Shares of UniQure NV soared 44% in premarket trade Monday, after the gene therapy company announced a collaboration deal with Bristol-Myers Squibb , which includes Bristol-Myers acquiring an initial equity stake of 4.9% in UniQure. The stake will be acquired at $33.84 per share, which is 48% above Thursday's closing price of $22.86, UniQure said. Under terms of the agreement, which will give Bristol-Myers exclusive access to UniQure's gene therapy technology for multiple targets in cardiovascular diseases, Bristol-Myers will acquire an additional 5% stake in UniQure by Dec. 31, 2015 at a 10% premium, and will be granted warrants to buy up to an additional 10% stake. Bristol-Myers will also make an upfront payment of $50 million and a $15 million payment for the selection of three collaboration targets. UniQure's stock has surged 54% year to date through Thursday and Bristol-Myers has climbed 7.1%, while the S&P 500 has gained 0.4%.