Jaguar Animal Health Inc (NASDAQ:JAGX) investors are overwhelmingly excited today, following the news that JAGX would be merging with Napo Pharmaceuticals. In reaction, JAGX shares shot up nearly 24% to $0.81 in pre-market trading Friday.

The merger transaction remains on track to become effective on Monday, July 31, 2017, at which point Jaguar’s name will be changed to Jaguar Health, Inc., and Napo will operate as a wholly-owned subsidiary of Jaguar focused on human health and the ongoing commercialization of Mytesi®, which is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. As previously announced, the terms of the merger include funding for the combined company and for other aspects of the merger as disclosed in the definitive joint proxy statement/prospectus.

“Today’s votes represent a pivotal development in the evolution of both companies. It is truly transformational for Jaguar Health to forward-integrate into an important revenue stream from Mytesi®, for which the company will hold unencumbered global rights and is pursuing multiple follow-on indications for various chronic gastrointestinal disorders. This merger speaks to the shared vision and persistence of the dedicated and talented team members at both Jaguar and Napo—some of whom have worked for more than 20 years to change the standard of care for gastrointestinal disease in humans and animals,” stated Lisa Conte, Jaguar’s president and CEO and Napo’s interim CEO. “We are grateful for the continued enthusiasm and support for this merger, and we remain excited about the opportunity we believe this combination will create for our stockholders as well as Mytesi®patients and animals.”

On the ratings front, H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on JAGX, with a price target of $2.00, in a report issued on July 11. The current price target represents a potential upside of 203% from where the stock is currently trading. According to TipRanks.com, Selvaraju has a yearly average loss of 7.9%, a 35% success rate, and is ranked #4071 out of 4160 analysts.

Jaguar Animal Health, Inc. engages in the development and commercialization of gastrointestinal products for companion and production animals. Its product, Canalevia, is the company’s prescription drug product candidate for the treatment of various forms diarrhea in dogs. It also developed its non-prescription product, Neonorm Calf, which helps dairies and beef farms proactively retain fluid in calves.