Axios – The Jazz Pharmaceutical stocks rose sharply after news of the drug company’s acquisition of a biotech company, as investors cheered the move.

The stock surged nearly 3% after the announcement by Medco.

Medco is a medical device company focused on the development of drugs for diabetes.

The company was founded in 2005 by two former Medco employees who worked on a medical marijuana project.

It is focused on using its own proprietary technology to develop new drugs.

Medcos products include a new type of arthritis medicine, called Calcinex, that was approved by the FDA for the treatment of Crohn’s disease.

A statement from Medco did not disclose a price for the deal, but the stock was up more than 2% at $38.99 in early trading.