Moonlake Shares Plummet 88% on Disappointing Study Results; U.S. Government Races to Avoid Shutdown; Genmab Offers $8B for Merus
Moonlake Immunotherapeutics' shares have taken a significant hit, plummeting by 88 percent following disappointing study results. Meanwhile, the U.S. government is racing against time to prevent a shutdown, with a crucial budget deal needed by Wednesday. In the world of mergers and acquisitions, Genmab has made a $8 billion bid for Merus, sending its shares soaring by 37 percent.
Moonlake's disheartening study results have left investors reeling, with the company's shares dropping by a staggering 88 percent. In contrast, UCB's shares have hit an all-time high after Moonlake's study showed no superiority over their medication. Elsewhere, the U.S. government is in a tense standoff over the budget. A deal must be reached in Congress by Wednesday to avert a shutdown. President Donald Trump is set to meet with Democrats on Sunday, with Republican representatives joining on Monday to discuss the budget.
In the corporate world, Genmab has tabled an $8 billion offer to acquire Merus, valuing the company at approximately $5.2 billion. The buyout offer of $97 per share has sparked a 37 percent jump in Merus' shares. Despite the looming U.S. government shutdown, stock prices have remained resilient, according to JPMorgan experts. Electronic Arts' shares have also continued their upward trajectory, gaining 5.5 percent to just under $204, following reports of a potential buyout.
The U.S. government's budget deadline is fast approaching, with a shutdown imminent if a deal is not reached by Wednesday. President Trump will meet with Democrats and Republican representatives to discuss the budget. Meanwhile, in the corporate sphere, Moonlake's disappointing study results have sent its shares into a tailspin, while UCB's shares have reached record highs. Genmab's $8 billion bid for Merus has been met with enthusiasm, sending its shares soaring by 37 percent. Despite the political uncertainty, stock prices have largely held up, with Electronic Arts' shares also on the rise.
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