Why NGM Biopharmaceuticals Stock Is Blasting Higher

NGM Biopharmaceuticals, Inc. (NASDAQ:NGM) shares are trading higher Tuesday after the company confirmed that it has received a non-binding expression of interest (EOI) from The Column Group regarding a potential acquisition of all outstanding shares of common stock in a transaction which would take the company private.

The Details:

NGM Biopharmaceuticals confirmed the receipt of the EOI dated Dec. 28 and stated that the company has formed a special committee consisting of disinterested and independent directors to consider the EOI and any other strategic alternatives that may be available to the company.

NGM Bio also stated that the company and the special committee do not intend to comment on or disclose further developments regarding the special committee's consideration of the EOI unless and until it deems further disclosure is appropriate or required, and NGM Bio's stockholders are advised to take no action at this time.Related News: Why Bitcoin Miners Hut 8 Corp And Hive Digital Technologies Stocks Are Climbing

NGM Price Action: According to Benzinga Pro, NGM Biopharmaceuticals shares are up 49% at $1.28 at the time of publication.

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