Ironwood Pharmaceuticals finalizes the squeeze-out merger with VectivBio under Swiss law, acquiring remaining shares at $17.00 each. After a successful tender offer securing 97.5% of shares, VectivBio delists from Nasdaq. Shareholders previously approved the merger, marking a strategic move for Ironwood, a GI-focused healthcare company, consolidating its position in the market.
Ironwood Pharmaceuticals Inc. (“Ironwood”) (Nasdaq: IRWD), a GI-focused healthcare company, today announced the successful completion of the squeeze-out merger under Swiss law (the “Squeeze-Out Merger”) pursuant to which VectivBio Holding AG (“VectivBio”) has been merged with and into Ironwood Pharmaceuticals GmbH (“Merger Sub”), a wholly-owned subsidiary of Ironwood organized under the laws of Switzerland. As a result of the Squeeze-Out Merger, all remaining outstanding ordinary shares of VectivBio not previously purchased by Ironwood have been cancelled and converted into the right to receive $17.00 per share in cash, subject to any applicable withholding taxes. The Squeeze-Out Merger was approved by shareholders of VectivBio at the extraordinary general meeting held on November 28, 2023.
As previously announced, Ironwood successfully completed a tender offer on June 29, 2023 to purchase an aggregate of approximately 97.5 percent of the outstanding Shares (the “Tender Offer”). Ironwood accepted for payment and promptly paid for all such Shares that were validly tendered and not validly withdrawn in accordance with the terms of the Tender Offer Statement on Schedule TO filed with the U.S. Securities and Exchange Commission on May 31, 2023, as amended. Following the Tender Offer, Ironwood caused VectivBio to voluntarily delist its shares from Nasdaq.
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Source: Bio Space
