- Xeris Pharmaceuticals Inc (NASDAQ: XERS) has agreed to acquire Strongbridge Biopharma plc (NASDAQ: SBBP) for stock and contingent value rights (CVRs), valuing Strongbridge at approximately $267 million.
- The transaction is expected to close early in the fourth quarter of 2021.
- The businesses of Xeris and Strongbridge will be combined under a new entity, Xeris Biopharma Holdings Inc, and trade under the XERS ticker on completion of the transaction.
- Under the terms of the agreement at closing, each Strongbridge share will be exchanged for 0.7840 shares of the new entity.
- Based on the last close price of XERS on May 21, this represents approximately $2.72 per Strongbridge share and a 12.9% premium to the SBBP’s last close on Friday.
- Strongbridge shareholders will also receive one non-tradeable CVR for each Strongbridge ordinary share they own, worth up to an additional $1.00 payable in cash or Xeris Biopharma Holdings common stock triggered by achievement of certain pre-specified events.
- At the close of the transaction, current Xeris shareholders are expected to own approximately 60% of the combined company, while current Strongbridge shareholders are expected to own about 40%.
- The combined company is expected to generate approximately $50 million in pre-tax synergies by the end of 2022.
- Price Action: SBBP shares are up 14.1% at $2.75, while XERS stock is down 2.88% at $3.37 during the premarket session on the last check Monday.
Saudi Chemical Company Holding on Sunday Announced Signing a Collaboration Agreement with GlaxoSmithKline Consumer Healthcare Saudi Limited for Manufacturing in Saudi Arabia
https://www.saudiexchange.sa/wps/portal/tadawul/home/announcement-details/!ut/p/z1/pZBLT4NQEIV_SxcsZQ6P4tXdlVoeIr6g0rsxYPCWhHIbihL_vUi7MVE0cXYz-b5kziFBGYkmf6tk3lWqyethXwvnKfYj1wczr5BcAvz6Jlzez0ODRaDHETBNlxlnNiIviE_B77i_Wq4SC55F4j8-7L_5-GE4fvfFiAS3nm0EA8IS5wI8daN4ET8YmDtHYCriJPCZYQQmngxJyFoVh8J5U1hMkmjLl7ItW_21Hc6brtvtzzVo6Ptel0rJutSf1VbDd8pG7TvKvpK026Zphio4EcV7z2ezD07fh48!/dz/d5/L0lDU0lKQ2dwUkNpQ2
