Horizon Pharma Announces Results Of Tender Offer
DUBLIN, IRELAND -- (Marketwired) -- 05/07/15 -- Horizon Pharma plc ("Horizon") (NASDAQ: HZNP) today announced the results of its tender offer to purchase all of the outstanding shares of common stock of Hyperion Therapeutics, Inc. ("Hyperion") (NASDAQ: HPTX) for $46.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes, if any. The tender offer is being effected by Horizon's indirect subsidiary, Ghrian Acquisition Corp.
The depositary for the tender offer has advised Horizon and Hyperion that, as of the expiration of the tender offer at 12:01 a.m. Eastern Time on May 7, 2015, a total of 18,522,306 shares of Hyperion common stock had been validly tendered and not withdrawn, representing approximately 86 percent of Hyperion's outstanding shares. All shares that were validly tendered and not withdrawn during the initial offering period have been accepted for payment.
The condition to the tender offer that a majority of Hyperion's outstanding shares be validly tendered has now been satisfied and Horizon intends to complete its acquisition of Hyperion later today through a merger under Section 251(h) of the General Corporation Law of the State of Delaware. In connection with the merger, each share of Hyperion's common stock not tendered in the tender offer (other than shares held by Hyperion and other than shares held by Hyperion stockholders who are entitled and have properly demanded and perfected appraisal of such shares under Delaware law) will be converted into the right to receive $46.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes, if any. This is the same price per share paid in the tender offer.
About Horizon Pharma plc
Horizon is a specialty biopharmaceutical company focused on improving patients' lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs. The company markets seven medicines through its orphan, primary care and specialty business units. Horizon's global headquarters are in Dublin, Ireland. For more information, please visit www.horizonpharma.com.
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The depositary for the tender offer has advised Horizon and Hyperion that, as of the expiration of the tender offer at 12:01 a.m. Eastern Time on May 7, 2015, a total of 18,522,306 shares of Hyperion common stock had been validly tendered and not withdrawn, representing approximately 86 percent of Hyperion's outstanding shares. All shares that were validly tendered and not withdrawn during the initial offering period have been accepted for payment.
The condition to the tender offer that a majority of Hyperion's outstanding shares be validly tendered has now been satisfied and Horizon intends to complete its acquisition of Hyperion later today through a merger under Section 251(h) of the General Corporation Law of the State of Delaware. In connection with the merger, each share of Hyperion's common stock not tendered in the tender offer (other than shares held by Hyperion and other than shares held by Hyperion stockholders who are entitled and have properly demanded and perfected appraisal of such shares under Delaware law) will be converted into the right to receive $46.00 per share, net to the seller in cash, without interest and less any applicable withholding taxes, if any. This is the same price per share paid in the tender offer.
About Horizon Pharma plc
Horizon is a specialty biopharmaceutical company focused on improving patients' lives by identifying, developing, acquiring and commercializing differentiated and accessible medicines that address unmet medical needs. The company markets seven medicines through its orphan, primary care and specialty business units. Horizon's global headquarters are in Dublin, Ireland. For more information, please visit www.horizonpharma.com.
Help employers find you! Check out all the jobs and post your resume.