Avanir Stock Jumps On $3.5 Billion Otsuka Buyout
Small U.S. drugmaker Avanir Pharmaceuticals (AVNR) agreed to be acquired by Japan’s Otsuka Pharmaceutical Co. for $3.5 billion Tuesday, sending its stock up about 13% to a 13-year high near 17 in the stock market today. That move brings the stock almost exactly to the valuation of the deal — $17 a share in cash. Avanir currently sells just one product, Neudexta, a co-formulation of two generic drugs used to treat uncontrollable laughing and crying