8th Jan 2025 08:48
(Alliance News) - Roche Holding AG on Wednesday said that it has completed the tender offer for all outstanding shares of Poseida Therapeutics Inc, a clinical-stage biopharmaceutical company, through its wholly owned subsidiary Blue Giant Acquisition Corp.
The Basel, Switzerland-based healthcare said the offer, priced at USD9.00 per share in cash along with a contingent value right of up to USD4.00 per share, expired late Tuesday night and was not extended.
The consideration takes the total deal value to around USD1.5 billion.
The acquisition, announced in November, is the latest move by Roche to boost its development pipe-line. Poseida, a Nasdaq-listed biopharmaceutical company based in San Diego, California, has pioneered allogeneic, or off-the-shelf, CAR-T therapies targeting haematologic malignancies, solid tumours, and autoimmune diseases.
Approximately 64.99 million shares of Poseida's common stock, representing around 66% of the total outstanding shares, were validly tendered and not withdrawn, according to Citibank NA, the depositary for the offer.
The company plans to finalise the acquisition later today by merging Blue Giant Acquisition Corp into Poseida "without a vote or meeting of Poseida's stockholders", said Roche.
All remaining Poseida shares not already tendered will be converted into the same cash consideration, including the contingent payments. After the merger, Poseida will become a wholly owned subsidiary of Roche, and its shares will no longer be traded on the Nasdaq Global Select Market.
Shares in Roche were up 0.3% at CHF265.10 each in Zurich on Wednesday morning, giving the Swiss pharmaceutical firm a market capitalization of CHF216.01 billion, around USD236.9 billion.
Meanwhile, Poseida Therapeutics saw its stock close 0.6% down at USD9.50 in New York on Tuesday, valuing the firm at USD925.9 million.
In a separate release, Malin Corp PLC, a Dublin-based life sciences investment firm holding approximately 12% of Poseida's issued share capital, stated that the transaction is anticipated to generate initial net proceeds of approximately USD106.5 million. An additional USD47.3 million could be realized through contingent value rights, contingent upon the achievement of specified milestones.
Shares in Malin were up 2.8% at EUR9.25 each in Dublin on Wednesday morning.
By Eva Castanedo, Alliance News reporter
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