Cellceutix Corp. Shares Rise On Two Catalysts

On Monday, Merck & Co. Inc. MRK announced a definitive agreement to acquire Cubist Pharmaceuticals CBST for $102 per share.

Following the announcement, shares of other pharmaceutical stocks were trending higher Monday on the heels of the Merck/Cubist deal.

Cempra Inc. CEMP +11.3%
Tetraphase Pharmaceuticals TTPH +8.8%

In addition, shares of Cellceutix Corp. CTIX rose over 30 percent following two catalysts:

1) Merck/Cubist Deal
2) The company received QIDP designation from the FDA for its Brilacidin antibiotic.