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What a year so far for biotech stock profits...
Another consolidation in the active biotech sector came Tuesday when Cadence Pharmaceuticals Inc. (Nasdaq: CADX) agreed to be acquired by Mallinckrodt plc (NYSE: MNK) in a $1.3 billion deal. The move sent CADX up 26%.
Under terms of the deal, Dublin, Ireland-based Mallinckrodt will pay $14 in cash for each share of San Diego, Calif.-headquartered Cadence. That's a 26% premium to Monday's closing price and a 32% premium to the stock's average 30-day trading price.