News of an acquisition deal has been lifting the shares of gastroenterological firm CRH Medical Corporation (NYSE: CRHM) up this morning. The stock price was hovering at an uptick of 82.57% to $3.98 as of 09:03 a.m. EST in pre-market session today.
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Company’s performance in brief:
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A 5-day range of $2.14 to $2.22 has been reached by CRHM stock, with a net return over that time of +2.34 percent. Meanwhile, this stock has traded in the range of $2.14 to $2.29 in the last month of trading, producing a shift of -3.54 percent over that time while in the last three months, the price of the stock has improved by +7.92 percent.
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What CRH medical do:
CRH Medical is a North American biotech-focused firm offering novel services and products for the treatment of stomach disorders to gastroenterologists in the United States. CRH became a proper gastroenterology anesthesia organization in 2014 that offers anesthesia services in hospitals for patients performing endoscopic procedures. CRH has completed 31 purchases in anesthesia to date, and currently operates 68 outpatient surgical centers in 13 U.S. states.
Furthermore, CRH owns a single-use, sterile, hemorrhoid banding technology, the CRH O’Regan Method, which is safe and extremely successful in treating all grades of hemorrhoids. As a complete, turnkey kit, CRH distributes the O’Regan Method, therapy guidelines, organizational and marketing experience directly to gastroenterology practices, maintaining meaningful partnerships with the gastroenterologists it represents. In all 48 lower US states, CRH’s O’Regan Method is currently in use.
News that is driving the stock higher:
CRH Medical today announced that it has entered into a binding arrangement with Well Health Technologies Corp. in which Well Health will buy all of the CRH stock issued and outstanding for US$4.00 per share. The offered stock price reflects an overall purchasing price of approximately US$292.7 million and a transaction value of approximately US$369.2 million, including the credit facility.
Comparison of current stock level with per-share offered price:
The buying price reflects a premium of approximately 83% of the trading price of the shares of the Stock on February 5, 2021, and a premium of approximately 80% of the average volume-weighted 30-day price of the shares of the Company as of that date.
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Completion of the transaction would also be subject to approval and clearances by the court and regulators, as well as other usual closing conditions. Subject to the fulfillment of those requirements, it is anticipated that the acquisition will be concluded during Q2 2021.