British drugmaker AstraZeneca PLC plans to spend about $260 million on Omthera Pharmaceuticals Inc., a specialty drug developer with a potential treatment for patients who have high levels of fats called triglycerides in their blood.
AstraZeneca said Tuesday it will pay $12.70 for each share of Omthera, which priced an initial public offering last month at $8 per share. AstraZeneca's price represents an 87% premium compared to the stock's closing price Friday of $6.77. The price of Omthera shares nearly doubled, climbing $6.73 to $13.50, before markets opened Tuesday. Read the full story.