US: US$216m SteadyMed acquisition cleared

United Therapeutics Corporation and SteadyMed announced on Friday, July 20, the termination of the waiting period under the Hart-Scott-Rodino (HSR) Act relating to United Therapeutics’ previously announced acquisition of SteadyMed.

United Therapeutics and SteadyMed entered into a definitive merger agreement under which United Therapeutics will acquire SteadyMed for US$4.46 per share in cash at closing and one contractual contingent value right per share (subject to the Contingent Value Rights Agreement), which will represent the right to receive US$2.63 in cash upon the achievement of a milestone related to the commercialization of pharmaceutical.

The termination of the waiting period under the HSR Act satisfies one of the conditions to closing of the acquisition, which remains subject to other closing conditions, including the approval of the acquisition by SteadyMed’s shareholders. A meeting of SteadyMed’s shareholders to vote upon the acquisition will be held on July 30, 2018.

The Board of Directors of SteadyMed has unanimously recommended that SteadyMed’s shareholders vote to approve the acquisition.

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