UPDATE: Questcor Pharma Soars 20% on Acquisition Rights to Synacthen, Ladenburg Boosts PT $19 06/11 10:57 AM
01:57 PM EDT, 06/11/2013 (MidnightTrader) -- Questcor Pharmaceuticals Inc. (QCOR:$43.73,00$7.02,0019.12%) is up 19.6% to $43.89 in afternoon trade, moving on volume of 13.6 million versus the 30-day average of 1.9 million.
The company this morning said it has acquired rights to develop Synacthen and Synacthen Depot in the U.S. from Novartis Pharma AG/Novartis AG for $135 million in addition to potential milestone payments prior to FDA approval.
Subject to certain closing conditions, QCOR has also acquired rights to Synacthen and Synacthen Depot in certain countries outside the U.S.
Analysts at Ladenburg Thalmann today raised their price target on QCOR to $54 from $35.
Price: 43.89, Change: +7.18, Percent Change: +19.6