Concordia Healthcare's stock soars on buyout report

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Shares of Concordia Healthcare surged Thursday after Bloomberg reported that Blackstone Group was thinking about acquiring the Canada-based firm.

The stock was up 25.05 percent before being halted for news pending.

Concordia later said in a release it had formed a "special committee to review strategic alternatives." Such special committees are often, but not always, seen as a sign that a company is up for sale.

Bloomberg said, citing people close to the matter, that talks between the two companies were at an early stage, adding that a deal may not happen.

Concordia's stock has fallen nearly 60 percent in the past year, and more than 25 percent in 2016.

CXRX in the last year