Pardes Biosciences Inc. PRDS, -0.54% shares rose 12.4% on Monday in premarket trading after the clinical stage biopharmaceutical firm announced it had agreed to be purchased by MediPacific Inc. up to $2.19 per share. The purchase price of $2.02 per share is in cash, and there will be an additional cash payment of up to 17 cents per shares. The final price per share is based on the net cash of the company at closing plus a nontradeable contingent value right that relates to any future monetization or intellectual property of the COVID-19 antiviral product portfolio. Pardes Biosciences’ announcement did not provide any further information about MediPacific, the buyer of the company.