Chimerix surges on Jazz Pharma's $935 million buyout

Shares of biotech firm Chimerix CMRX.O rise 70% to a more-than-three-year high of $8.40

Jazz Pharmaceuticals JAZZ.O will acquire Chimerix for about $935 million to gain access to its experimental drug to treat a rare brain tumor, the companies say

JAZZ will pay $8.55 per Chimerix share in an all-cash deal, which is expected to close in Q2; represents around 72% premium to its Tuesday's closing price

CMRX has risen 320% in the past 12 months