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Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) has successfully completed the squeeze-out merger with VectivBio Holding AG, resulting in the cancellation and conversion of all remaining outstanding ordinary shares of VectivBio into the right to receive $17.00 per share in cash. The merger was approved by VectivBio shareholders at an extraordinary general meeting. Ironwood also completed a tender offer to purchase approximately 97.5 percent of outstanding shares, followed by the voluntary delisting of VectivBio shares from Nasdaq.
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BOSTON--(BUSINESS WIRE)--
Ironwood Pharmaceuticals, Inc. (“Ironwood”) (Nasdaq: IRWD), a GI-focused healthcare company, today announced the successful completion of the squeeze-out merger under Swiss law (the “Squeeze-Out Merger”) pursuant to which VectivBio Holding AG (“VectivBio”) has been merged with and into Ironwood Pharmaceuticals GmbH (“Merger Sub”), a wholly-owned subsidiary of Ironwood organized under the laws of Switzerland. As a result of the Squeeze-Out Merger, all remaining outstanding ordinary shares of VectivBio not previously purchased by Ironwood have been cancelled and converted into the right to receive $17.00 per share in cash, subject to any applicable withholding taxes. The Squeeze-Out Merger was approved by shareholders of VectivBio at the extraordinary general meeting held on November 28, 2023.
As previously announced, Ironwood successfully completed a tender offer on June 29, 2023 to purchase an aggregate of approximately 97.5 percent of the outstanding Shares (the “Tender Offer”). Ironwood accepted for payment and promptly paid for all such Shares that were validly tendered and not validly withdrawn in accordance with the terms of the Tender Offer Statement on Schedule TO filed with the U.S. Securities and Exchange Commission on May 31, 2023, as amended. Following the Tender Offer, Ironwood caused VectivBio to voluntarily delist its shares from Nasdaq.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals (Nasdaq: IRWD), an S&P SmallCap 600® company, is a leading gastrointestinal (GI) healthcare company on a mission to advance the treatment of GI diseases and redefine the standard of care for GI patients. We are pioneers in the development of LINZESS® (linaclotide), the U.S. branded prescription market leader for adults with irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC). In June 2023, the U.S. Food and Drug Administration also approved LINZESS for the treatment of functional constipation in pediatric patients ages 6-17 years-old. Ironwood is also advancing apraglutide, a next-generation, long-acting synthetic GLP-2 analog being developed for rare gastrointestinal diseases, including short bowel syndrome with intestinal failure (SBS-IF) as well as several earlier stage assets. Building upon our history of GI innovation, we keep patients at the heart of our R&D and commercialization efforts to reduce the burden of GI diseases and address significant unmet needs.
Founded in 1998, Ironwood Pharmaceuticals is headquartered in Boston, Massachusetts, and has additional operations in Basel, Switzerland.
We routinely post information that may be important to investors on our website at www.ironwoodpharma.com. In addition, follow us on X and on LinkedIn.
What is the latest news about Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD)?
Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) has completed a successful squeeze-out merger with VectivBio Holding AG, resulting in the cancellation and conversion of all remaining outstanding ordinary shares of VectivBio into the right to receive $17.00 per share in cash.
What was the result of the tender offer by Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD)?
Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) successfully completed a tender offer to purchase approximately 97.5 percent of the outstanding shares of VectivBio, followed by the voluntary delisting of VectivBio shares from Nasdaq.
How did Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) complete the merger with VectivBio Holding AG?
Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) completed the squeeze-out merger under Swiss law, resulting in the cancellation and conversion of all remaining outstanding ordinary shares of VectivBio into the right to receive $17.00 per share in cash.
What was the outcome of the extraordinary general meeting of VectivBio Holding AG shareholders?
The shareholders of VectivBio Holding AG approved the squeeze-out merger with Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) at the extraordinary general meeting.
Why did Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) voluntarily delist VectivBio shares from Nasdaq?
Following the successful tender offer and completion of the merger, Ironwood Pharmaceuticals, Inc. (Nasdaq: IRWD) voluntarily delisted VectivBio shares from Nasdaq.
