Genzyme Corp (NASDAQ: GENZ) rallied as much as 4% on Monday after the biotechnology company said it unanimously rejected an unsolicited, non-binding proposal from Sanofi-Aventis (NYSE: SNY) to acquire all the outstanding shares of Genzyme for $69 per share in cash.
Pluristem Therapeutics, Inc. (Nasdaq: PSTI) jumped more than 13% after it announced that its PLX cell therapy product, derived from human placenta, a non-controversial, non-embryonic, adult stem cell source, was selected as the only cell therapy product candidate to enter into a study seeking treatments for diastolic heart failure (DHF) in the European Commission's Seventh Framework Program (FP7). Pluristem is to receive a grant from the FP7 to cover study related R&D expenses.
Phoenix Technologies Ltd. (NASDAQ: PTEC) surged as much as 6% after it announced that it received an unsolicited non-binding proposal from a third party to acquire all of the securities of the company for cash consideration of $150 million. The offer topped an earlier bid by a private equity firm Marlin Equity Partners. On August 18, 2010, Phoenix Technologies Ltd. agreed to be bought by Marlin Equity Partners at a price of $3.85 per share. The merger with Marlin is valued at approximately $139 million.
ADAM Inc. (NASDAQ: ADAM) jumped more than 70% after it agreed to acquired by Ebix, Inc. (NASDAQ: EBIX) for $66 million. Under the terms of the merger agreement, unanimously approved by both Boards of Directors, A.D.A.M. shareholders will receive 0.3122 of Ebix common stock for each share of A.D.A.M. common stock in a tax-free reorganization, subject to certain adjustments specified in the merger agreement. The exchange ratio of 0.3122 is based on a $19.06 agreed value of Ebix common stock for purposes of the merger agreement. Upon the closing of the transaction, A.D.A.M. shareholders will own approximately 7 percent of the combined company.
Noble Energy, Inc. (NYSE: NBL) rallied more than 3%. On Sunday, Avner Oil Exploration, Delek Drilling and Ratio Oil & Gas Exploration, Noble Energy's Israeli partners in the Leviathan prospect said that up to 4.2 billion barrels of oil may lie under the seafloor in the Mediterranean Sea off of Israel.
Fossil, Inc.(NASDAQ: FOSL) rose more than 4% on Monday after it announced that its Board of Directors has approved a stock repurchase program of up to $750 million.
Disclosure: Author doesn't own any of the stocks discussed here.
