Health Care

Furiex Sees Stock Price Rise After Acquisition News

By Jenny Callison, posted Apr 30, 2014
Since the announcement by Furiex Pharmaceuticals on Monday that it has agreed to be acquired by Forest Laboratories for about $1.1 billion, its stock has taken a sharp tick upward.
On Tuesday, USA Money reported that shares of Furiex, founded by PPD founder and former chairman Fred Eshelman, soared almost 29 percent in pre-market trading that day. It included Furiex on its list of five technology stocks to watch.
As of press time Wednesday, shares of Furiex, which trades on the NASDAQ, were selling at $103.50.
In Monday’s announcement, Furiex reported that Forest will pay about $95 per share, for a total of about $1.1 billion, and up to $360 million more, based on the FDA’s ultimate rating of eluxadoline, Furiex’s new drug for treatment of the diarrhea strain of irritable bowel syndrome.

Furiex is officially based in Morrisville, but Eshelman's offices are in Wilmington, and many company employees work remotely.
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