Shares in the artificial human organs specialist Miromatrix Medical Inc. jumped 25% in premarket trading following the announcement of its acquisition by United Therapeutics Corporation (NASDAQ:UTHR) for up to $140 million.
United is offering an initial $3.25 per share in cash, totalling approximately $91 million. An additional $1.75 per share will be paid upon the achievement of a clinical development milestone related to Miromatrix's mirokidney by the end of 2025.
Miromatrix specializes in the development of bioengineered, fully transplantable human organs.
Utilising a proprietary perfusion technology platform, the company aims to address the shortage of available human organs. Miromatrix's initial focus is on the development of human livers and kidneys.
Ahead of the bell, the stock was marked up $2.35 to $3.39.