Shares of PolyMet Mining Corp. (NYSE American: PLM) witnessed a substantial surge of over 100% during pre-market trading as it revealed Glencore AG's non-binding proposal  to acquire all outstanding common shares of PolyMet, except for those currently held by the mining giant company.

The proposal outlines an acquisition price of US$2.11 in cash per common share, subject to specific conditions and the execution of a definitive agreement

At present, Glencore holds 160,617,964 common shares of PolyMet, which represents approximately 82.26% of the total issued and outstanding common shares, according to a regulatory filing with the SEC,. 

In pre-market, $PLM is trading at $1.79, reflecting a significant increase of $1.00 (+126.58%).

In other news, Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) said that it has entered into an agreement to acquire two currently-marketed products, Zembrace SymTouch and Tosymra, as well as certain product-related inventories from Upsher-Smith Laboratories, LLC. The total consideration for the acquisition amounts to $25 million, which includes an upfront payment of $12 million in cash.

Both Zembrace SymTouch and Tosymra are indicated for the treatment of acute migraine in adults and generated approximately $23 million in sales in 2022. The acquisition of these products is seen as a strategic fit for Tonix Pharmaceuticals, supporting its commercial capabilities and potential launch of TNX-102 SL for fibromyalgia treatment, as well as its TNX-1900 product candidate for the prevention of chronic migraines.

$TNXP is currently trading at $1.64 in pre-market, up $0.06 (3.80%)

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