NEW YORK (AP) -- The drugmaker Bristol-Myers Squibb Co. said Tuesday the Hart-Scott-Rodino waiting period for its offer to buy biotechnology company ZymoGenetics Inc. has expired.
Bristol-Myers said Sept. 10 it planned to buy all outstanding shares of ZymoGenetics for $9.75 per share, which represented a 77 percent premium to Zymogenetics' closing price of $5.51 prior to the initial announcement.
Bristol-Myers has said the deal is worth $735 million excluding ZymoGenetics' cash on hand. Both companies have approved the deal and the board of ZymoGenetics is recommending that shareholders support the bid.
The waiting period expiration satisfies a condition of the tender offer, which expires at midnight, New York City time, on Oct. 7.
Seattle's ZymoGenetics makes Recothrom, a drug used to reduce bleeding during surgeries.
Morgan Stanley & Co. Inc. is serving as the financial adviser to Bristol-Myers and as the deal manager for the tender offer.
Bristol-Myers said Sept. 10 it planned to buy all outstanding shares of ZymoGenetics for $9.75 per share, which represented a 77 percent premium to Zymogenetics' closing price of $5.51 prior to the initial announcement.
Bristol-Myers has said the deal is worth $735 million excluding ZymoGenetics' cash on hand. Both companies have approved the deal and the board of ZymoGenetics is recommending that shareholders support the bid.
The waiting period expiration satisfies a condition of the tender offer, which expires at midnight, New York City time, on Oct. 7.
Seattle's ZymoGenetics makes Recothrom, a drug used to reduce bleeding during surgeries.
Morgan Stanley & Co. Inc. is serving as the financial adviser to Bristol-Myers and as the deal manager for the tender offer.
