HOOKIPA Pharma Inc. (“HOOKIPA”) Statement regarding potential combination for Poolbeg Pharma plc (“Poolbeg”)
HOOKIPA Pharma has announced its decision not to proceed with the previously discussed all-share acquisition of Poolbeg Pharma plc. This decision follows the non-binding discussions announced on January 2, 2025, and a subsequent PUSU extension on January 30, 2025.
The company retains the right to revisit this decision under specific circumstances, including: with Poolbeg's board agreement, following a third-party offer for Poolbeg, after a Rule 9 waiver or reverse takeover announcement by Poolbeg, or if the Panel on Takeovers and Mergers determines a material change in circumstances.
Moelis & Company is acting as financial adviser to HOOKIPA in this matter.
HOOKIPA Pharma ha annunciato la sua decisione di non procedere con l'acquisizione totalmente azionaria precedentemente discussa di Poolbeg Pharma plc. Questa decisione segue le discussioni non vincolanti annunciate il 2 gennaio 2025 e una successiva estensione del PUSU il 30 gennaio 2025.
L'azienda si riserva il diritto di rivedere questa decisione in determinate circostanze, tra cui: con l'accordo del consiglio di Poolbeg, a seguito di un'offerta di terzi per Poolbeg, dopo un'esenzione dalla Regola 9 o un annuncio di acquisizione inversa da parte di Poolbeg, o se il Panel sulle Acquisizioni e Fusioni determina un cambiamento sostanziale nelle circostanze.
Moelis & Company sta agendo come consulente finanziario per HOOKIPA in questa questione.
HOOKIPA Pharma ha anunciado su decisión de no proceder con la adquisición total en acciones discutida anteriormente de Poolbeg Pharma plc. Esta decisión sigue a las discusiones no vinculantes anunciadas el 2 de enero de 2025 y una posterior extensión del PUSU el 30 de enero de 2025.
La empresa se reserva el derecho de reconsiderar esta decisión bajo circunstancias específicas, incluyendo: con el acuerdo de la junta de Poolbeg, tras una oferta de un tercero para Poolbeg, después de una exención de la Regla 9 o un anuncio de adquisición inversa por parte de Poolbeg, o si el Panel de Ofertas y Fusiones determina un cambio material en las circunstancias.
Moelis & Company actúa como asesor financiero para HOOKIPA en este asunto.
HOOKIPA Pharma는 이전에 논의된 Poolbeg Pharma plc의 전환 주식 인수 진행을 하지 않기로 결정했다고 발표했습니다. 이 결정은 2025년 1월 2일에 발표된 비구속 논의와 2025년 1월 30일에 진행된 PUSU 연장 이후에 나왔습니다.
회사는 특정 상황에서 이 결정을 재검토할 권리를 보유하며, 여기에는 Poolbeg 이사회의 동의, Poolbeg에 대한 제3자의 제안에 따른 경우, Poolbeg의 규칙 9 면제 또는 역 인수 발표 후, 또는 인수 및 합병 위원회가 상황의 중대한 변경을 결정할 경우가 포함됩니다.
Moelis & Company는 이 문제에 대해 HOOKIPA의 재정 고문으로 활동하고 있습니다.
HOOKIPA Pharma a annoncé sa décision de ne pas procéder à l'acquisition en actions totales précédemment discutée de Poolbeg Pharma plc. Cette décision fait suite aux discussions non contraignantes annoncées le 2 janvier 2025 et à une extension ultérieure du PUSU le 30 janvier 2025.
L'entreprise se réserve le droit de revoir cette décision dans des circonstances spécifiques, y compris : avec l'accord du conseil d'administration de Poolbeg, suite à une offre d'un tiers pour Poolbeg, après une exemption de la Règle 9 ou une annonce de prise de contrôle inversée par Poolbeg, ou si le Panel des Offres et Fusions détermine un changement matériel dans les circonstances.
Moelis & Company agit en tant que conseiller financier pour HOOKIPA dans cette affaire.
HOOKIPA Pharma hat seine Entscheidung bekannt gegeben, nicht mit der zuvor diskutierten All-Share-Akquisition von Poolbeg Pharma plc fortzufahren. Diese Entscheidung folgt auf die am 2. Januar 2025 angekündigten unverbindlichen Gespräche und eine anschließende PUSU-Verlängerung am 30. Januar 2025.
Das Unternehmen behält sich das Recht vor, diese Entscheidung unter bestimmten Umständen zu überdenken, einschließlich: mit Zustimmung des Vorstands von Poolbeg, nach einem Angebot eines Dritten für Poolbeg, nach einer Regel-9-Befreiung oder einer Ankündigung einer Umkehrübernahme durch Poolbeg, oder wenn das Panel für Übernahmen und Fusionen einen wesentlichen Wandel der Umstände feststellt.
Moelis & Company fungiert in dieser Angelegenheit als Finanzberater für HOOKIPA.
- None.
- Termination of potential acquisition deal with Poolbeg Pharma
- Loss of potential business expansion opportunity
Insights
The termination of acquisition discussions between HOOKIPA Pharma and Poolbeg Pharma marks a significant strategic pivot that warrants careful analysis. For a micro-cap company like HOOKIPA, with a market capitalization of just
Several critical implications emerge from this development:
- The decision to terminate discussions rather than proceed with due diligence or negotiate terms suggests either valuation disagreements or strategic misalignment between the parties. This is particularly noteworthy in the current biotech market environment, where companies are increasingly seeking strategic combinations to optimize resources and enhance pipeline value.
- The preservation of standard Rule 2.8 carve-outs maintains HOOKIPA's strategic flexibility. These conditions allow for future engagement under specific circumstances, including third-party offers or material changes, which keeps the door open for potential future discussions if market conditions or corporate circumstances change.
- The timing of this withdrawal, following a PUSU (Put Up or Shut Up) extension from January 30, indicates that despite additional evaluation time, HOOKIPA's board concluded that the potential combination would not deliver sufficient value or synergies to justify proceeding.
The broader context is particularly relevant: in the current biotech market environment, where capital efficiency and strategic positioning are paramount, this decision signals HOOKIPA's preference to pursue alternative strategic pathways. For investors, this development suggests a need to reassess HOOKIPA's standalone growth strategy and capital allocation priorities.
NEW YORK and VIENNA, Austria, Feb. 20, 2025 (GLOBE NEWSWIRE) --
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (“THE CODE”).
THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
For immediate release
20 February 2025
HOOKIPA Pharma Inc. (“HOOKIPA”)
Statement regarding potential combination for Poolbeg Pharma plc (“Poolbeg”)
Further to the announcement on 2 January 2025 regarding the non-binding discussions for an all-share acquisition by HOOKIPA of Poolbeg and the announcement on 30 January 2025 regarding the PUSU extension, the HOOKIPA Board has determined that it does not intend to make an offer for Poolbeg under Rule 2.7 of the Code.
This announcement is made in accordance with Rule 2.8 of the Code.
Under Note 2 on Rule 2.8 of the Code, HOOKIPA and any person(s) acting in concert with it reserve the right to set aside the restrictions in Rule 2.8 of the Code in the following circumstances:
a) with the agreement of the board of Poolbeg;
b) following the announcement of a firm intention to make an offer for Poolbeg, by or on behalf of a third party;
c) following the announcement by Poolbeg of a Rule 9 waiver (as described in Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or
d) where the Panel on Takeovers and Mergers has determined that there has been a material change of circumstances.
The person responsible for arranging the release of this announcement on behalf of HOOKIPA is Malte Peters, Chief Executive Officer of HOOKIPA.
| Enquiries: | |
| HOOKIPA Pharma Inc. | +43 1 890 63 60 |
| Malte Peters, CEO | IR@hookipapharma.com |
| Terry Coelho, EVP & CFO | Chuck@LifeSciAdvisors.com |
| Moelis & Company | +44 (0) 207 634 3500 |
| (Financial Adviser to HOOKIPA) | |
| London Chris Raff Simon Chaudhuri | |
| New York Ashish Contractor |
Important information
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise.
The release, distribution or publication of this announcement in jurisdictions outside the United Kingdom may be restricted by laws of the relevant jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
Disclaimer
Moelis & Company LLC (“Moelis”) is acting as financial adviser to HOOKIPA in connection with the matters set out in this announcement and for no one else and will not be responsible to anyone other than HOOKIPA for providing the protections afforded to its clients nor for providing advice in relation to the matters set out in this announcement. Neither Moelis nor any of its subsidiaries, branches or affiliates and their respective directors, officers, employees or agents owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Moelis in connection with this announcement, any statement contained herein or otherwise
Publication on Website
A copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on HOOKIPA’s website - https://ir.hookipapharma.com/potential-combination# by no later than 12 noon (London time) on the business day following the release of this announcement in accordance with Rule 26.1 of the Code. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
This announcement is not intended to, and does not, constitute, represent or form part of any offer, invitation or solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction whether pursuant to this announcement or otherwise.
FAQ
Why did HOOKIPA (HOOK) terminate the potential acquisition of Poolbeg Pharma in February 2025?
What were the terms of HOOKIPA's proposed acquisition of Poolbeg Pharma?
Under what conditions can HOOKIPA (HOOK) reconsider its decision regarding Poolbeg acquisition?
When did HOOKIPA (HOOK) initially announce discussions to acquire Poolbeg Pharma?
