Organon’s stock slides after announcing deal with Forendo Pharma

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Shares of Organon & Co. OGN, -5.21% were down 6.7% in trading on Thursday after the company said it plans to acquire Forendo Pharma, a privately held company developing an endometriosis therapy. As part of the agreement, Organon will pay $75 million upfront, with an additional $879 million available in milestone payments. The company will also assume $9 million of Forendo’s debt. The deal is expected to close by the end of the year. Organon recently spun off from Merck & Co. Inc. MRK, +0.01%. Organon’s stock is up 13.9% over the last three months, while the S&P 500 SPX, +0.06% has gained 5.9% during the same time period.

This article was originally published by Marketwatch.com. Read the original article here.

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