Xeris Pharmaceuticals (NASDAQ: XERS) has in a statement confirmed that the group had completed the acquisition of Strongbridge Biopharma plc (NASDAQ: SBBP).
Information about the acquisition deal
The high court of Ireland had announced its take on the respective acquisition deal. A source aware of the developments shared that the High Court has gone ahead and given its nod for the previously listed acquisition deal. In the backdrop of the developments, it is learned that Xeris Pharmaceuticals had inked a deal to take over Strongbridge Biopharma plc in the past. However, this time, the acquisition deal has come through under part nine of the first chapter of the Irish Companies Act 2014. It is understood that the court made it official that there will be a related deduction of the capital involved. Furthermore, it is learned that the court has given its consent for the proposed deal.
After the documents were registered, the scheme became effective
The respective acquisition deal became official once the prescribed documents were presented and submitted to the Registrar of Companies in Ireland. The development took place in the first week of October.
Through an order, the court sanctioned the deal
The court issued an order, and the scheme automatically was sanctioned beyond any doubt. Additionally, talk related to the reduction of capital also came up. As per the act, Section 86 of the Act deals with the reduction of capital.
Payments to stakeholders of Strongbridge Biopharma plc
With the acquisition deal materializing, the stakeholders of the corporate house are entitled their due. A payment scheme is chalked out. All company stakeholders will receive the money that is due to them per the scheme. It is understood that as per the scheme, the payment will be made to eligible stakeholders of Strongbridge Biopharma plc within a fortnight. The terms of the project will be enforced depending on the prevailing practicable conditions.
Strongbridge Biopharma plc introduces solutions for rare diseases
Ever since it came into being, Strongbridge Biopharma plc has focused on designing, developing, and presenting solutions in therapies to treat rare diseases and disorders. The biopharmaceutical company also commercializes its therapies.