08:54 AM EDT, 04/29/2024 (MT Newswires) -- (Updates with additional information)

Deciphera Pharmaceuticals ( DCPH ) said Monday that ONO Pharmaceutical has agreed to acquire all of its outstanding shares for $25.60 per share in cash, resulting in a total equity value of $2.4 billion.

The purchase price offers a 74.7% premium over Deciphera's closing share price of $14.65 on April 26, according to the company statement.

As part of the deal, ONO will acquire Deciphera's shares through a tender offer and then merge it with a wholly owned subsidiary of ONO. The tender offer will start immediately and last for 20 business days, the company said.

After completion of the tender offer, ONO's subsidiary will merge with and into Deciphera, with Deciphera as the surviving entity and becoming a wholly owned subsidiary of ONO. Shares not tendered will receive the same price, according to the company statement.

The deal is expected to close in Q3, subject to customary closing conditions, including US antitrust approval. The boards of Deciphera and ONO have unanimously approved the deal, Deciphera said.

Price: 25.03, Change: +10.38, Percent Change: +70.85