NEW YORK (AP) — Bristol-Myers Squibb Co. said Friday it will soon complete
the buyout of drugmaker ZymoGenetics Inc. now that shareholders of that company
have tendered about 95 percent of their stock in favor of the deal.
On Sept. 10, Bristol-Myers said it would buy ZymoGenetics for $735 million
excluding cash on hand. That equaled a per-share price of $9.75 per share, which
represented a 77 percent premium to Zymogenetics’ closing price of $5.51 prior
to the initial announcement.
Seattle’s ZymoGenetics makes Recothrom, a drug used to reduce bleeding during
surgeries.
The tender offer closed on Thursday with ZymoGenetics shareholders tendering
just over 82.6 million shares of the company’s stock, representing about 95
percent of shares outstanding.
Bristol-Myers intends to complete the buyout ZymoGenetics through a
“short-form merger,” that is, without a vote or meeting of the remaining
ZymoGenetics shareholders. Each of the remaining shares of ZymoGenetics common
stock will be converted into the right to receive $9.75 per share in cash.
Morgan Stanley & Co. Inc. is serving as the financial adviser to
Bristol-Myers and as the deal manager for the tender offer.
