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Xeris Pharmaceuticals has successfully completed its acquisition of Strongbridge Biopharma, creating Xeris Biopharma Holdings. The deal values Strongbridge at approximately
Dublin, Ireland, and Trevose, PA, October 5, 2021 – Strongbridge Biopharma announces the High Court of Ireland has approved its acquisition by Xeris Pharmaceuticals via a scheme of arrangement. The court sanctioned the scheme and confirmed a capital reduction. The scheme became effective on October 5, following the registration of necessary documents. Strongbridge shareholders will receive their entitled consideration within 14 days. The company specializes in therapies for rare diseases, including RECORLEV and KEVEYIS, both receiving orphan drug designation from the FDA.
Strongbridge Biopharma plc announced that the High Court of Ireland has scheduled a final hearing on October 5, 2021, to sanction its proposed acquisition by Xeris Pharmaceuticals, Inc. This acquisition will occur via a scheme of arrangement under the Irish Companies Act 2014. The scheme is expected to take effect on or around this date, marking a significant step in the transaction process.
Xeris Pharmaceuticals (XERS) has received overwhelming approval from its stockholders for the acquisition of Strongbridge Biopharma (SBBP). At a special meeting on September 14, 2021, approximately 97% of shares voted in favor, equating to about 59% of Xeris' total outstanding shares. The acquisition, set to close in early October 2021, will merge the businesses under Xeris Biopharma Holdings, Inc. This strategic move aims to strengthen Xeris' position in endocrinology and neurology, leveraging a differentiated technology platform to address unmet patient needs.
Strongbridge Biopharma's shareholders have overwhelmingly approved the acquisition by Xeris Pharmaceuticals, with over 99% voting in favor at both the Court Meeting and EGM held on September 8, 2021. This transaction, valued at approximately $267 million, equates to roughly $2.72 per share, representing a 12.9% premium. Strongbridge shareholders will additionally receive a contingent value right potentially worth up to $1.00 based on specific sales milestones. The deal is anticipated to close in early Q4 2021, subject to customary conditions.
Strongbridge Biopharma (Nasdaq: SBBP) reported Q2 2021 revenue of $10.0 million, a 28% increase from $7.8 million in Q2 2020, driven by growth in KEVEYIS® sales. The company remains on track to potentially exceed its 2021 revenue guidance of $34-$36 million. Additionally, the FDA is reviewing RECORLEV®'s NDA, with a target action date of January 1, 2022. The proposed acquisition by Xeris Pharmaceuticals is progressing as planned, expecting closure in Q4 2021. Despite a net loss of $13.2 million in the quarter, the financial outlook shows promise due to improved revenue generation.
On July 30, 2021, Strongbridge Biopharma plc announced the distribution of a definitive joint proxy statement/prospectus related to its acquisition by Xeris Pharmaceuticals, Inc., valued at approximately $267 million. This acquisition will be executed via a scheme of arrangement under Irish law. Shareholders are invited to two meetings on September 8, 2021, to vote on the acquisition. The Proxy Statement includes vital information and instructions for Strongbridge shareholders regarding the upcoming meetings and the treatment of stock options and warrants.
Strongbridge Biopharma plc (Nasdaq: SBBP) announced that as of July 28, 2021, its issued share capital consists of 67,828,952 ordinary shares. The company has 2,747,191 restricted share units and 8,226,117 options for share purchases. Additionally, there are 7,368,033 outstanding warrants, with 4,464,285 ordinary shares to be issued upon debt conversion. The firm focuses on rare diseases and has notable products like RECORLEV® and KEVEYIS®. Both have received orphan drug designations, and a new drug application for RECORLEV is under FDA review.
DUBLIN, Ireland and TREVOSE, Pa. – Strongbridge Biopharma (Nasdaq: SBBP) will report its Q2 2021 financial results and corporate updates on August 5, 2021, at 7:30 a.m. ET. Strongbridge is focused on developing therapies for rare diseases. Key products include RECORLEV, an adrenal steroidogenesis inhibitor under FDA review for Cushing’s syndrome, and KEVEYIS, the only FDA-approved treatment for specific types of periodic paralysis. Both RECORLEV and veldoreotide have received orphan drug designations.
Strongbridge Biopharma (Nasdaq: SBBP) has announced that special shareholder meetings are set for September 8, 2021, regarding the proposed acquisition by Xeris Pharmaceuticals, Inc. The acquisition is valued at approximately $267 million based on Xeris' stock price as of May 21, 2021. Shareholders of Strongbridge as of July 27, 2021, will be eligible to vote. The meetings will seek approval under Irish law for the acquisition and associated matters. A joint proxy statement will be mailed to shareholders soon, providing essential details about the acquisition.
