The recent shareholder decision regarding the merger between Strongbridge Biopharma and Xeris Pharmaceuticals was a nearly unanimous yes. John George covered the implications of that vote for the Philadelphia Business Journal.
More than 99 percent of the votes cast — representing 67 percent of shares outstanding and eligible — favored the transaction.
Both parties expect to close the arrangement in 4Q2021, after which the joined entities will be known as Xeris Biopharma Holdings.
Under the terms of the agreement, Xeris will acquire Strongbridge in a stock and contingent value rights transaction valued at about $267 million. The Xeris purchase price represents a 12.9 percent premium to the closing price of Strongbridge ordinary shares on May 21.
Strongbridge, of Dublin, Ireland, has its U.S. headquarters in Trevose. Xeris, on the other hand, oversees its business from Chicago. Stonebridge, therefore, will exit Trevose for the Windy City as the new center of operations for the blended companies.
In a statement, Strongbridge CEO John H. Johnson said the company will be “an innovative leader in endocrinology and rare diseases, with a differentiated technology platform well-positioned to meet the unmet needs of patients around the world.”
More on the Strongbridge Biopharma merger is at the Philadelphia Business Journal.