Originally published Tuesday, October 12, 2010 at 5:57 PM
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Bristol-Myers closes ZymoGenetics buyout
Bristol-Myers Squibb said Tuesday it finished buying out drugmaker ZymoGenetics by means of a "short-form merger. " In that process, all...
NEW YORK — Bristol-Myers Squibb said Tuesday it finished buying out drugmaker ZymoGenetics by means of a "short-form merger."
In that process, all of ZymoGenetics' outstanding common shares were converted into the right to receive $9.75 in cash without interest, less any required withholding taxes.
Bristol-Myers said Friday, after shareholders of ZymoGenetics tendered about 95 percent of their stock in favor of the deal, that it would soon complete the buyout.
On Sept. 10, Bristol-Myers said it would buy ZymoGenetics for $735 million excluding cash on hand. That equaled a price of $9.75 a share, or 77 percent more than ZymoGenetics' closing price of $5.51 before the initial announcement.
Seattle's ZymoGenetics makes Recothrom, a drug used to reduce bleeding during surgeries.
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