Novo Nordisk sells ZymoGenetics shares to B-MS
Transaction has been unanimously approved by both boards of directors
Bristol-Myers Squibb and US biopharma company ZymoGenetics have signed a definitive agreement for the acquisition of ZymoGenetics by Bristol-Myers Squibb for US$9.75 per share in cash. The transaction has been unanimously approved by the boards of directors of both companies.
Novo Nordisk has been a shareholder in ZymoGenetics since 1988 and currently owns close to 26% of the share capital. It has nominated two board members to the ZymoGenetics board of directors.
‘As a significant shareholder with a long-term financial investment in ZymoGenetics, we find the offer from Bristol-Myers Squibb attractive and have entered into an agreement with Bristol-Myers Squibb to support the transaction and tender all of our ZymoGenetics shares in the offer,’ said Jesper Brandgaard, executive vice president and chief financial officer of Novo Nordisk.
The closing of the tender offer is subject to customary terms and conditions.
ZymoGenetics has two product candidates in Phase II clinical development: PEG-Interferon lambda, being studied in collaboration with Bristol-Myers Squibb for treatment of hepatitis C virus (HCV) infection, and IL-21, being tested as a potential treatment for metastatic melanoma. In addition, ZymoGenetics has an anti-IL-31 monoclonal antibody in preclinical development, which it expects to test initially as a treatment for atopic dermatitis.