NEW YORK (AP) -- Bristol-Myers Squibb Co. said Friday it will soon complete the buyout of drugmaker ZymoGenetics Inc. now that shareholders of that company have tendered about 95 percent of their stock in favor of the deal.
On Sept. 10, Bristol-Myers said it would buy ZymoGenetics for $735 million excluding cash on hand. That equaled a per-share price of $9.75 per share, which represented a 77 percent premium to Zymogenetics' closing price of $5.51 prior to the initial announcement.
Seattle's ZymoGenetics makes Recothrom, a drug used to reduce bleeding during surgeries.
The tender offer closed on Thursday with ZymoGenetics shareholders tendering just over 82.6 million shares of the company's stock, representing about 95 percent of shares outstanding.
Bristol-Myers intends to complete the buyout ZymoGenetics through a "short-form merger," that is, without a vote or meeting of the remaining ZymoGenetics shareholders. Each of the remaining shares of ZymoGenetics common stock will be converted into the right to receive $9.75 per share in cash.
Morgan Stanley & Co. Inc. is serving as the financial adviser to Bristol-Myers and as the deal manager for the tender offer.
On Sept. 10, Bristol-Myers said it would buy ZymoGenetics for $735 million excluding cash on hand. That equaled a per-share price of $9.75 per share, which represented a 77 percent premium to Zymogenetics' closing price of $5.51 prior to the initial announcement.
Seattle's ZymoGenetics makes Recothrom, a drug used to reduce bleeding during surgeries.
The tender offer closed on Thursday with ZymoGenetics shareholders tendering just over 82.6 million shares of the company's stock, representing about 95 percent of shares outstanding.
Bristol-Myers intends to complete the buyout ZymoGenetics through a "short-form merger," that is, without a vote or meeting of the remaining ZymoGenetics shareholders. Each of the remaining shares of ZymoGenetics common stock will be converted into the right to receive $9.75 per share in cash.
Morgan Stanley & Co. Inc. is serving as the financial adviser to Bristol-Myers and as the deal manager for the tender offer.
