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Merck (NYSE: MRK) has successfully completed the acquisition of Acceleron Pharma Inc. (NASDAQ: XLRN), enhancing its cardiovascular portfolio. CEO Rob Davis highlighted this acquisition as a strategic move aimed at expanding market opportunities and addressing critical health needs. Acceleron’s lead candidate, sotatercept, targets pulmonary arterial hypertension and is currently in Phase 3 trials. This acquisition aims to strengthen Merck’s pipeline and further its longstanding commitment to cardiovascular health.
Merck (NYSE: MRK) has successfully completed its cash tender offer for all outstanding shares of Acceleron Pharma Inc. (NASDAQ: XLRN) at a price of $180 per share. By the offer's expiration on November 19, 2021, approximately 63.3% of Acceleron’s shares were tendered. Following the merger, Acceleron will become a wholly owned subsidiary of Merck, and its stock will cease trading on Nasdaq. The acquisition aims to enhance Merck's portfolio and market presence in the biopharmaceutical space.
Avoro Capital Advisors, a major shareholder in Acceleron Pharma Inc. (XLRN), owning approximately 7%, expressed strong opposition to Merck's (MRK) tender offer of $180 per share. The firm criticized the transaction as poorly timed and undervaluing Acceleron, stating it believes significant shareholder value will emerge post results from the pivotal STELLAR phase 3 trial. Avoro emphasized its commitment to a standalone Acceleron, suggesting alternative financing methods if needed and urging other shareholders not to tender their shares, potentially indicating strong discontent among investors.
Merck (NYSE: MRK) has announced the expiration of the waiting period under the Hart-Scott-Rodino Act concerning its acquisition of Acceleron Pharma Inc. (NASDAQ: XLRN). The cash tender offer for Acceleron's outstanding shares at $180 each has been extended to November 19, 2021. Approximately 11,980,722 shares, or 19.6% of Acceleron’s outstanding shares, were tendered by November 16, 2021. The acquisition is anticipated to close in Q4 2021, pending fulfillment of other conditions outlined in the previously filed SEC tender offer statement.
Avoro Capital Advisors owns approximately 7% of Acceleron Pharma Inc. (XLRN) and opposes Merck's ($MRK) $180 per share tender offer. Avoro believes that now is not the right time to sell, citing expected significant value from upcoming STELLAR Phase 3 trial data within a year. They argue the offer undervalues Acceleron based on higher precedents and criticize the board for a flawed sale process with limited buyer outreach. Avoro is prepared to support Acceleron as an independent entity and will not tender its shares.
Merck has received antitrust clearance for its acquisition of Acceleron Pharma Inc. from competition authorities in Germany and Austria. The acquisition involves a cash tender offer of $180 per share, as announced on October 12, 2021. This step fulfills one of the necessary conditions for the tender offer's completion. The tender offer is set to expire on November 18, 2021, unless extended. The acquisition is anticipated to close in Q4 2021, pending other conditions detailed in the SEC filings.
Acceleron Pharma reported Q3 2021 revenue of $34.2 million, including $32.0 million in royalty revenue from REBLOZYL, up from $25.6 million last quarter. Merck agreed to acquire Acceleron for $180 per share, valuing the deal at approximately $11.5 billion, expected to close in Q4. The company has several ongoing Phase 3 trials for its therapies, including sotatercept for pulmonary hypertension and ACE-1334 for systemic sclerosis-associated lung disease. Cash reserves stand at $652.5 million.
Merck (NYSE: MRK) has withdrawn its Premerger Notification under the HSR Act concerning its acquisition of Acceleron Pharma Inc. (NASDAQ: XLRN), initially filed on October 14, 2021. This decision allows more time for FTC review, with a refiling expected around November 1, 2021. The tender offer for Acceleron shares at $180 per share is extended until November 18, 2021. As of October 28, 2021, approximately 8.4 million shares have been tendered, representing 13.7% of Acceleron's outstanding shares. The acquisition is anticipated to close in Q4 2021, pending regulatory approvals.
Avoro Capital Advisors, holding approximately 7% of Acceleron Pharma, opposes Merck's proposed acquisition of Acceleron at $180 per share, deeming it undervalued. Avoro believes Acceleron has significant potential as a standalone entity, especially with upcoming Phase 3 STELLAR trial results expected by end of 2022 that could enhance share price. The letter emphasizes monetizing existing royalties from Reblozyl and exploring better strategic alternatives to maximize shareholder value, criticizing the Board's decision-making process and urging fellow shareholders to reject the tender offer.
Acceleron Pharma Inc. (Nasdaq:XLRN) announced an expected
