Shares of Vera Therapeutics were up late Wednesday after Alpine Immune Sciences, whose lead candidate is similar to Vera's, said it would be acquired at a premium.
Vera stock was up 9.9% to $45.74 in late trading, after rising 9.8% in the regular session on earlier reports of the deal. Shares have more than doubled this year as of Wednesday's close.
Alpine agreed to be acquired by Vertex Pharmaceutical for about $4.9 billion in cash, or $65 a share, representing a premium of about 67% on Alpine's unaffected share price before rumors of the deal.
Alpine's lead candidate, povetacicept, is a potential treatment for IgA nephropathy, a kidney condition.
Vera's lead candidate, atacicept, is being evaluated as a treatment for various autoimmune diseases, including IgA nephropathy.
The two treatments use similar mechanisms, blocking B-cell Activating Factor and A PRoliferation-Inducing Ligand, both types of proteins.
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