Lundbeck to complete Chelsea Thera acquisition today

Danish CNS specialist Lundbeck (LUND: CO) says that it has  completed the tender offer to buy all of the outstanding shares of Chelsea Therapeutics International (Nasdaq: CHTP) common stock for 6.44 per share in cash and non-transferable contingent value rights (CVRs), for a total value of around $658 million.

The CVRs may pay up to an additional $1.50 per share upon achievement of certain sales milestones, in each case without interest and subject to any required withholding of taxes. Lundbeck expects to complete the acquisition of Chelsea during the day of June 23, 2014.

Computershare Trust Company, the depositary for the tender offer, has advised that as of the expiration of the tender offer, 49,436,852 shares of Chelsea common stock had been validly tendered and not validly withdrawn pursuant to the tender offer, representing around 62.5% of the outstanding shares of Chelsea common stock. In addition, Notices of Guaranteed Delivery were delivered for 12,775,214 shares of Chelsea common stock, representing approximately 16.1% of the outstanding shares of Chelsea common stock.