OR WAIT null SECS
Transaction made with intent to develop new drugs, company says.
Kyowa Kirin Co., Ltd announced in a company press release that it will officially acquire Orchard Therapeutics for the price of $16 per American depository share (ADS) in cash, equaling a total of $387.4 million. Orchard shareholders will hold an additional contingent value right (CVR) of $1.00 per ADS. An additional $1.00 CVR will be paid for a total of $17.00 per ADS, or approximately $477.6 million if conditions are met.
According to Kyowa Kirin, the purchase will enable them to efficiently accelerate the development of multiple early research programs, including a severe, genetic form of Crohn’s disease and frontotemporal dementia (FTD).
“We are excited to announce that we have signed the Transaction Agreement to acquire Orchard Therapeutics, one of the leading providers of HSC gene therapy.” said Takeyoshi Yamashita, PhD, director of the board, chief medical officer, senior managing executive officer, Kyowa Kirin, in a company press release. “With this transaction, we anticipate being able to use a new modality that can have a profound impact on patients' lives. Orchard Therapeutics is a company with a steady track record in this field and has already launched its HSC gene therapy in Europe and filed for review in the US. Our hope is to combine the strengths of Kyowa Kirin and Orchard Therapeutics with mutual respect to realize the successful creation and delivery of life-changing value for patients living with rare and life-threatening inherited diseases.”
Reference: Kyowa Kirin to Acquire Orchard Therapeutics. Kyowa Kirin. October 5, 2023. Accessed October 5, 2023. https://www.kyowakirin.com/media_center/news_releases/2023/pdf/e20231005_02.pdf