Shares of the Flexion Therapeutics, Inc. (FLXN) stock were popping high today on October 11, 2021, following the announcement of its acquisition by Pacira. FLXN stock price saw an uptrend of 61.76% to reach $9.35 a share at the time of this writing. The trading volume as of now was 12,528,840, far higher than the average trading volume.
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Flexion Therapeutics, Inc is the commercial-stage biopharmaceutical stock that is engaged in the discovery, development, and commercialization of drugs to treat patients suffering from musculoskeletal conditions in the U.S. Let’s deep dig in to explore more about this stock.
What’s Happening?
Flexion stock today announced that it has entered into the definitive agreement with Pacira. According to the agreement, Pacira will acquire FLXN stock for $8.50 per share and one non-tradable contingent value right (CVR) for worth up to $8.00 per share. The payment will be in the form of cash. Certain sales milestones and regulatory achievements are required for the payment of CVR mentioned in the agreement. Both FLXN stock and Pacira’s board of directors have approved the transaction. The CVR will be entitled to the FLXN stockholder’s PLX stock to achieve the following milestones.
- $1.00 per share if net sales achieve $250 million for the total calendar year ZILRETTA.
- $2.00 per share if net sales achieve $375 million for the total calendar year ZILRETTA.
- $2.00 per share if net sales achieve $500 million for the total calendar year ZILRETTA.
- $1.00 per share upon U.S. FDA approval of FX201
- $1.00 per share upon U.S. FDA approval of FX301.
Investigations against FLXN stock:
Shareholder rights law firm Johnson Fistel, LLP has initiated the investigations against Flexion’s board of directors today. The investigations concern the proposed acquisition agreement of the company with Pacira BioSciences, Inc. The firm will investigate whether FLXN stock’s board failed to satisfy its duties to the stock’s shareholders.
Inducement grants by FLXN stock:
Flexion stock on October 1, 2021, did announce equity inducement grants to its three newly hired employees that included 6,315 restricted stock units. The stock granted restricted stock units to its new employees under the Nasdaq Listing Rule 5635(c)(4). These units will vest over four years and 25% will be on each anniversary of the applicable vesting commencement date.
Wrap Up:
FLXN stock got the hype in the stock market after the announcement of its acquisition by Pacira BioSciences, Inc. The stock is performing well for the past six months as it gained approximately 11% in this tenure.
