10:21 AM EDT, 03/25/2024 (MT Newswires) -- (Updates to include recent stock movement in the headline and first paragraph.)

Landos Biopharma ( LABP ) shares surged about 170% in recent Monday trading after the company and AbbVie ( ABBV ) said they signed an agreement under which AbbVie ( ABBV ) will acquire the latter for $20.42 per share in cash, or roughly $137.5 million.

The deal is anticipated to be completed in Q2, subject to regulatory approvals and approval by Landos shareholders, the companies added.

Price: 21.55, Change: +13.55, Percent Change: +169.37