Seres Therapeutics Stockholders Approve Sale of VOWST™ to Nestlé Health Science; Sale Expected to Close on September 30
Seres Therapeutics (Nasdaq: MCRB), a leading live biotherapeutics company, announced that its stockholders have approved the previously proposed sale of the Company's VOWST business to Société des Produits Nestlé S.A. The transaction is expected to close on September 30, 2024, subject to customary closing conditions. Seres will file a Current Report on Form 8-K with the SEC detailing the voting results. This development marks a significant step in the company's strategic direction, potentially impacting its future operations and financial position.
Seres Therapeutics (Nasdaq: MCRB), una delle principali aziende di bioterapeutiche viventi, ha annunciato che i suoi azionisti hanno approvato la vendita precedentemente proposta del business VOWST a Société des Produits Nestlé S.A. Si prevede che la transazione si concluda il 30 settembre 2024, previa soddisfazione delle condizioni di chiusura abituali. Seres presenterà un rapporto corrente sul modulo 8-K alla SEC, dettagliando i risultati del voto. Questo sviluppo rappresenta un passo significativo nella direzione strategica dell'azienda, con potenziali ripercussioni sulle operazioni future e sulla posizione finanziaria.
Seres Therapeutics (Nasdaq: MCRB), una empresa líder en bioterapéuticos vivos, anunció que sus accionistas aprobaron la venta previamente propuesta de la unidad VOWST a Société des Produits Nestlé S.A. Se espera que la transacción se cierre el 30 de septiembre de 2024, sujeto al cumplimiento de las condiciones habituales de cierre. Seres presentará un Informe Actual en el formulario 8-K a la SEC detallando los resultados de la votación. Este desarrollo marca un paso significativo en la dirección estratégica de la empresa, con el potencial de impactar sus operaciones futuras y su posición financiera.
Seres Therapeutics (Nasdaq: MCRB), 선도적인 생물 치료제 회사가 주주들이 VOWST 사업을 Société des Produits Nestlé S.A.에 판매하기로 제안된 사항을 승인했다고 발표했습니다. 이 거래는 2024년 9월 30일에 종료될 것으로 예상되며, 일반적인 마감 조건을 충족해야 합니다. Seres는 SEC에 투표 결과를 상세히 설명하는 8-K 장부를 제출할 예정입니다. 이번 개발은 회사의 전략적 방향에 있어 중요한 단계를 의미하며, 미래의 운영 및 재정적 위치에 잠재적인 영향을 미칠 수 있습니다.
Seres Therapeutics (Nasdaq: MCRB), une entreprise leader dans le domaine des biothérapeutiques vivants, a annoncé que ses actionnaires ont approuvé la vente précédemment proposée de l'entreprise VOWST à Société des Produits Nestlé S.A. La transaction devrait se conclure le 30 septembre 2024, sous réserve des conditions de clôture habituelles. Seres déposera un rapport actuel au formulaire 8-K auprès de la SEC détaillant les résultats du vote. Ce développement marque une étape significative dans l'orientation stratégique de l'entreprise, pouvant potentiellement avoir un impact sur ses opérations futures et sa position financière.
Seres Therapeutics (Nasdaq: MCRB), ein führendes Unternehmen für lebende Biotherapeutika, gab bekannt, dass die Aktionäre den zuvor vorgeschlagenen Verkauf des Unternehmensbereichs VOWST an die Société des Produits Nestlé S.A. genehmigt haben. Der Abschluss der Transaktion wird für den 30. September 2024 erwartet, vorbehaltlich der üblichen Abschlussbedingungen. Seres wird einen aktuellen Bericht im Formular 8-K bei der SEC einreichen, in dem die Wahlergebnisse im Detail dargelegt werden. Diese Entwicklung stellt einen bedeutenden Schritt in der strategischen Richtung des Unternehmens dar, der potenzielle Auswirkungen auf die zukünftigen Abläufe und die finanzielle Lage haben könnte.
- Stockholder approval for the sale of VOWST business to Nestlé Health Science
- Expected closing of the transaction on September 30, 2024
- None.
Insights
The approval of the sale of VOWST™ to Nestlé Health Science is a significant development for Seres Therapeutics. This transaction will likely have a substantial impact on the company's financial position and strategic focus. While specific financial details aren't provided, deals of this nature often involve considerable sums, potentially bolstering Seres' cash reserves.
For investors, this move could signal a shift in Seres' business strategy. By divesting VOWST™, the company may be streamlining its portfolio to focus on other pipeline products or research areas. This could lead to a more focused approach in the live biotherapeutics space, potentially accelerating development in other key areas.
The imminent closure of the deal on September 30 suggests a swift execution, which is generally viewed positively by the market. However, investors should closely monitor upcoming financial reports to assess the full impact of this sale on Seres' balance sheet and future revenue projections.
The sale of VOWST™ to Nestlé Health Science represents a strategic move in the competitive landscape of live biotherapeutics. VOWST™, approved for the prevention of recurrent C. difficile infection, is a valuable asset in the microbiome therapeutics market. Nestlé's acquisition signals strong interest from major players in this emerging field.
For Seres, this divestiture could provide substantial resources for advancing its remaining pipeline. The company's focus may shift to developing novel microbiome therapeutics for other indications, potentially in areas like oncology or inflammatory diseases where microbiome modulation shows promise.
Investors should consider the long-term implications of this sale. While it may reduce near-term revenue potential from VOWST™, it could accelerate Seres' ability to bring new, potentially more lucrative therapies to market. The transaction also validates the commercial viability of microbiome-based treatments, which could positively impact valuations across the sector.
CAMBRIDGE, Mass., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Seres Therapeutics, Inc. (Nasdaq: MCRB), (“Seres” or the “Company”), a leading live biotherapeutics company, today announced that its stockholders voted to approve the previously announced proposed sale of the Company’s VOWST business to Société des Produits Nestlé S.A. Seres will file a Current Report on Form 8-K with the SEC which details the voting results. The transaction is expected to close on September 30, 2024, subject to the satisfaction of customary closing conditions.
About Seres Therapeutics
Seres Therapeutics, Inc. (Nasdaq: MCRB) is a clinical-stage company focused on improving patient outcomes in medically vulnerable populations through novel live biotherapeutics. Seres led the successful development and approval of VOWST™, the first FDA-approved orally administered microbiome therapeutic, which will be sold to Nestlé Health Science in a transaction expected to be close in September 2024. The Company is developing SER-155, which has demonstrated a significant reduction in bloodstream infections and related complications (as compared to placebo) in a clinical study in patients undergoing allogeneic Hematopoietic Stem Cell Transplantation (allo-HSCT). The Company is also advancing additional cultivated oral live biotherapeutics for medically vulnerable populations, including those with chronic liver disease, cancer neutropenia, and solid organ transplants. For more information, please visit www.serestherapeutics.com.
Background on Nestlé Health Science Collaboration and VOWST
In July 2021, Seres entered a license agreement with Nestlé Health Science that granted a co-exclusive license to develop and commercialize VOWST. In April 2023, VOWST obtained FDA approval to prevent the recurrence of Clostridioides difficile infection (CDI) in adults following antibacterial treatment for recurrent CDI (rCDI), followed by commercial launch in June 2023 led by Nestlé Health Science. Under the pending agreement, Nestlé Health Science will obtain full ownership of the VOWST business. Seres will support the full transition of VOWST to Nestlé and the continuity of the supply chain through a customary transition service agreement.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements about the financial terms, timing and completion of the sale of the VOWST business to SPN; and other statements which are not historical fact.
These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: (1) we have incurred significant losses, are not currently profitable and may never become profitable; (2) our need for additional funding; (3) our history of operating losses; (4) the restrictions in our debt agreement; (5) our novel approach to therapeutic intervention; (6) our reliance on third parties to conduct our clinical trials and manufacture our product candidates; (7) the competition we will face; (8) our ability to protect our intellectual property; (9) our ability to retain key personnel and to manage our growth; (10) the occurrence of any event, change or other circumstance that could give rise to the termination of the Asset Purchase Agreement governing the Transaction; (10) our failure to satisfy any of the conditions to the completion of the Transaction; (11) the effect of the announcement of the Transaction on our ability to retain and hire key personnel and maintain relationships with our customers, suppliers, advertisers, partners and others with whom we do business, or on our operating results and businesses generally; (12) the risks associated with the disruption of management’s attention from ongoing business operations due to the Transaction and the obligation to provide transition services; (13) our failure to receive the installment payments or the milestone payments in the future; (14) the significant costs, fees and expenses related to the Transaction; (15) the uncertainty of impact of the 50/50 profit and loss sharing arrangement on our reported results and liquidity; (16) the risk that the Transaction will not be completed within the expected time period or at all and (17) we may not be able to realize the anticipated benefits of the Transaction. These and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC, on August 13, 2024, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor and Media Contacts:
IR@serestherapeutics.com
Carlo Tanzi, Ph.D.
Kendall Investor Relations
ctanzi@kendallir.com
FAQ
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