Jazz Pharmaceutical stocks will be sold in the first quarter of 2019, a day after the company announced that it had reached a deal to acquire the private equity firm Cerberus Capital Management.
In a statement, Cerberus said it was selling 10.3 million shares of Jazz to Cerberus, a $20 million cash payment and an option to acquire all or part of the company in the third quarter of 2021.
Jazz shares rose 5.4 per cent to $24.36.
The stock price was down 2.9 per cent on Friday.
Cerberus had raised $18 million from investors, including billionaire John Doerr and other investors, in December.JAZZ is the largest U.S. drugmaker, selling about half of its drugs in a $200-billion industry.
The company’s stock has lost some of its value in recent years.