Protagonist Therapeutics (NASDAQ:PTGX) dropped 5% after a report that the Johnson & Johnson (NYSE:JNJ) takeover price may be lower than the current share price.
Blackstone is to speculated to be the private equity firm working with Johnson & Johnson (NYSE:JNJ) on a takeover of Protagonist, according to traders, who cited a Betaville “uncooked” alert that was circulating on Monday.
One person following the matter suggested that the consortium looking to buy Protagonist may pay around $75 a share for the assets.
The Betaville alert comes after the WSJ on Friday reported that Johnson & Johnson was in talks to acquire Protagonist.
J&J is set to report Q3 results on Tuesday.