2:34 PM
 | 
Jun 13, 2018
 |  BC Extra  |  Company News

NASH play Madrigal gains on takeout report

Madrigal Pharmaceuticals Inc. (NASDAQ:MDGL) gained $30.53 (11%) to $313.24 Wednesday on takeout rumors.

Madrigal Chairman and CEO Paul Friedman told BioCentury the company has "an open mind to strategics who would either want to partner or acquire us." He did not give details.

Bloomberg reported Wednesday that Madrigal is exploring a sale and is working with investment bank Centerview Partners, citing people familiar with the matter.

Madrigal's share price has climbed 189% since closing at $108.43 on May 30, before it reported liver biopsy data showing MGL-3196 led to significant improvements vs. placebo in non-alcoholic steatohepatitis (NASH) disease activity and disease resolution in a Phase II trial (see BioCentury Extra, May 31).

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