Dew, more consolidation:
Gastrointestinal drug maker Ironwood Pharmaceuticals said Monday it was acquiring Swiss biotech company VectivBio, adding to the increasing line of biopharma acquisitions this year.
The all-cash transaction for $17 a share totals an estimated $1 billion, net of VectivBio's (ticker: VECT) cash and debt. Ironwood (IRWD) tumbled 1% in premarket trading, while VectivBio was up 40% at $16.68.
The deal helps Ironwood expand its pipeline of drugs that can advance the treatment of gastrointestinal diseases, the companies said.
