Applied Genetic Technologies Spikes On Agreement To Be Acquired By Syncona

Applied Genetic Technologies Corp. (AGTC) shares are surging more than 58 percent on Monday morning trade after the company agreed to be acquired by newly established Syncona Ltd. (SYNC).

The clinical-stage biotechnology company revealed that the deal will be valued at around $23.5 million or $0.34 per share in cash. The transaction includes potential future aggregate cash payments of up to $50 million or up to $0.73 per share pursuant to contingent value rights.

AGTC is currently trading at $0.38, up 58.26 percent from the previous close of $0.24 on a volume of 15,944,700.

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