Roche to acquire Ignyta for $27 per share in cash
This corresponds to a total transaction value of $1.7B on a fully diluted basis.
This price represents a premium of 74% to Ignyta’s closing price on December 21 and a premium of 71% and 89% to Ignyta’s 30-day and 90-day volume weighted average share price on December 21, respectively.
The merger agreement has been unanimously approved by the boards of Ignyta and Roche.
Under the terms of the merger agreement, Roche will promptly commence a tender offer, to acquire all outstanding shares of Ignyta common stock, and Ignyta will file a recommendation statement containing the unanimous recommendation of the Ignyta board that Ignyta’s shareholders tender their shares to Roche.
Ignyta will continue its operations in San Diego and be responsible for the ongoing pivotal study of #entrectinib to ensure this important medicine reaches patients without delay.
Under the terms of the merger agreement, Roche will promptly commence a tender offer to acquire all of the outstanding shares of Ignyta’s common stock at a price of $27.00 per share in cash.
The closing of the tender offer will be subject to a majority of Ignyta’s outstanding shares being tendered in the tender offer.
Following completion of the tender offer, Roche will acquire all remaining shares at the same price of $27.00 per share through a second step merger.
The closing of the transaction is expected to take place in the first half of 2018.
To read timely stories similar to this, along with money making trade ideas, sign up for a membership to Stockwinners.
This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.