Orchard Therapeutics rockets on takeover bid
Shares of US and UK-based gene therapy company Orchard Therapeutics (Nasdaq: ORTX) almost doubled to $16.03 in pre-market activity today, on the news that it has received a takeover offer from mid-size Japanese drugmaker Kyowa Kirin (TYO: 4151).
Kyowa Kirin will acquire Orchard for $16.00 per American Depositary Share (ADS) in cash, or around $387.4 million in total. Orchard shareholders will also hold an additional contingent value right (CVR) of $1.00 per ADS.
An additional $1.00 CVR will be paid for a total of $17.00 per ADS, or approximately $477.6 million if the conditions are met. Kyowa Kirin has established a 2030 Vision to consistently create and deliver medicines with life-changing value that ultimately makes people smile, as a J-GSP. The deal represents a premium of 144% to Orchard’s volume-weighted average price per ADS over the previous 30 days ended October 4.
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