Stemline Therapeutics Inc. (NASDAQ:STML), up 155%

Stemline Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the discovery, acquisition, development, and commercialization of novel therapeutics for oncology indications of unmet medical need. Its clinical stage product candidates include SL-401, SL-801, and SL-701. The SL-401, is a targeted therapy directed to the interleukin-3 receptor (CD123) present on a malignancies. The SL-801, is a novel oral small molecule reversible inhibitor of XPO1, that has demonstrated in vivo and in vitro preclinical activity in a solid and hematologic malignancies. The SL-701, is an immunotherapy designed to activate the immune system to attack tumors. The company was founded by Ivan Bergstein on August 8, 2003 and is headquartered in New York, NY.

(NASDAQ:STML)  3 month chart 5/4/2020

Privately held Menarini Group, an Italian drug and diagnostics company, said Monday it has agreed to acquire Stemline Therapeutics Inc. STML, +154.84% in a deal valued at upwards of 670+ million. Under the terms of the deal, Stemline shareholders will receive $11.50 in cash and one non-tradeable Contingent Value Right, or CVR, that entitles the holder to an additional $1 in cash upon completion of the first sale of Elzonris in any EU5 country after European Commission approval. Stemline developed Elzonris for the treatment of blastic plasmacytoid dendritic cell neoplasm (BPDCN) in adult and pediatric patients, two years or older. The therapy was approved by the U.S. Food and Drug Administration in December of 2018. “With the support of Menarini’s infrastructure, Stemline will continue its efforts to develop additional applications of ELZONRIS to serve the unmet needs of patients suffering from difficult to treat diseases and cancers,” Menarini said in a statement. The deal is expected to close in the second quarter.

What happened

Shares of Stemline Therapeutics (NASDAQ:STML) are up 155%, Apparently, the company is being acquired by a privately held Italian pharmaceutical company, Menarini. Investors will get $11.50 per share when the deal closes and a contingent value right that will pay an additional $1 per share when Stemline’s Elzonris is sold in any of the EU5 countries: France, Germany, Italy, Spain, or the U.K.

Find out the rest Here’s Why Stemline Therapeutics Doubled Overnight