Diamonds and Dogs
10/6/14Durata Therapeutics Inc. (DRTX)
Durata Therapeutics is looking healthy today up 74.64% to $24.24. The infectious disease and acute illness therapy company saw its shares pop after news that Acatvis agreed to purchase Durata for $675 million. An Actavis subsidiary will make a tender offer to buy all outstanding Durata shares at $23 a share, along with contingent value rights for Durata to receive additional cash payments of up to $5 a share if the company's lead product Dalvance, an antibiotic designed to treat skin infections, reaches certain regulatory and sales milestones. Shares of Durata hit a new 52-week high of $24.33 intraday.
GT Advanced Technologies Inc. (GTAT)
GT Advance Technologies is getting demolished today, down 92.76% to $0.80. The glass and solar company saw its shares tank after they announced that they would file for bankruptcy. GT Advanced Tech (most notably known for their sapphire glass used in the iPhone) announced it would file for Chapter 11 as it has over $1 billion in debt and liabilities and only $85 million in cash. The company made its investors sick today falling over $10.00 a share to a new 52-week low of $0.75 intraday.