Takeda Pharmaceutical submitted a voluntary conditional takeover bid for TiGenix, a biopharmaceutical company developing stem cell therapies for anti-inflammatory disease.
Here's what you should know:
1. Takeda announced it would acquire 100 percent of the securities related to TiGenix for approximately $2.14 (€ $1.78) per share. Reuters reports the transaction is for $628 million.
2. Takeda made the bid conditional. For approval, the deal must meet these conditions:
Takeda must own at least 85 percent of TiGenix with voting rights
Adverse material must not come to light after the deal closes
TiGenix must obtain European Medicines Agency approval for Cx601
The waiting period associated with the Hart-Scott-Rodino Antitrust Improvements Act of 1976 must expire
3. TiGenix's board of directors unanimously support the takeover and are in the process of submitting a formal response to the proposal.
4. TiGenix CEO Eduardo Bravo said, "We believe the intended takeover bid of Takeda is a positive step for TiGenix' security holders and reflects the true value of our dedication to patients over the last few years. We believe that TiGenix's expertise would help accelerate Takeda's ambition to develop novel stem cell therapies. Takeda is a patient centric company that offers the best capabilities and resources to ensure access to Cx601 to patients worldwide."