Case of Mistaken Identity Sends Auris Medical Shares Soaring 30%

(Bloomberg) -- Auris Medical Holding AG got a surprise boost to its stock price Wednesday as investors mistakenly bought shares of the drug developer after Johnson & Johnson agreed to buy a similarly named robotics company for $3.4 billion.

Auris Medical rose 9.4 percent at 10:40 a.m. in New York after earlier rising as much as 30 percent. The last time the stock rose more than that was Jan. 23, when Bloomberg News first said that J&J was pursuing an acquisition of closely held Auris Health Inc.

To contact the reporter on this story: Cristin Flanagan in New York at cflanagan1@bloomberg.net

To contact the editor responsible for this story: Catherine Larkin at clarkin4@bloomberg.net

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