Agios Shareholders Approve Sale of Oncology Business to Servier
March 25 2021 - 4:01PM
Agios Pharmaceuticals, Inc. (NASDAQ: AGIO), a leader in the field
of cellular metabolism to treat genetically defined diseases, today
announced that its shareholders voted to approve the previously
disclosed sale of its commercial, clinical and research-stage
oncology portfolio to Servier Pharmaceuticals, LLC, an independent
global pharmaceutical company.
Approximately 99.9% of the shares voted at the Special Meeting,
representing approximately 90% of the outstanding shares entitled
to vote, were voted in favor of the transaction. Agios will file
the final vote results, as certified by the independent Inspector
of Election, on a Form 8-K with the U.S. Securities and Exchange
Commission.
Agios expects the close of the transaction to occur around March
31, 2021, subject to the satisfaction of customary closing
conditions.
Agios also announced that its board of directors authorized the
repurchase of up to $1.2 billion of its outstanding shares after
the close of the transaction. Agios expects to conduct the share
repurchases over the next 12-18 months, including executing a
meaningful portion of the planned repurchases by year-end through a
combination of 10b5-1 plans, open market purchases and potentially
privately negotiated block sales.
About AgiosAgios is focused on discovering and
developing novel investigational medicines to treat genetically
defined diseases through scientific leadership in the field of
cellular metabolism. The company’s most advanced drug candidate is
a first-in-class pyruvate kinase R (PKR) activator, mitapivat, that
is currently being evaluated for the treatment of three distinct
hemolytic anemias. In addition to its active late-stage clinical
pipeline, Agios has multiple novel, investigational therapies in
clinical and/or preclinical development. For more information,
please visit the company’s website at www.agios.com.
Cautionary Note Regarding Forward-Looking
StatementsCertain statements contained in this
release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are based on our current plans
and expectations and involve risks and uncertainties which are, in
many instances, beyond our control, and which could cause actual
results to differ materially from those included in or contemplated
or implied by the forward-looking statements. Such risks and
uncertainties include the following: (i) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the purchase agreement in respect of the sale of the
oncology business; (ii) the failure to satisfy any of the
conditions to the completion of the sale of the oncology business;
(iii) the inability to meet expectations regarding the timing
and completion of the sale of the oncology business; (iv) the
inability to meet expectations regarding the timing, manner and
amount of any share repurchases; and (v) other risks and
uncertainties described in our reports and filings with the U.S.
Securities and Exchange Commission (“SEC”), including the risks and
uncertainties set forth in Item 1A under the heading Risk Factors
in our Annual Report on Form 10-K for the year
ended December 31, 2020, our definitive proxy statement and
other subsequent periodic reports we file with the SEC, which are
available at http://www.sec.gov and the Company’s website at
http://www.agios.com. While the list of factors presented here is
considered representative, this list should not be considered to be
a complete statement of all potential risks and uncertainties. Any
forward-looking statements contained in this communication are made
only as of the date hereof, and we undertake no obligation to
update forward-looking statements to reflect developments or
information obtained after the date hereof and disclaim any
obligation to do so other than as may be required by law.
ContactHolly Manning, 617-844-6630Senior
Director, Investor RelationsHolly.Manning@agios.com
Agios Pharmaceuticals (NASDAQ:AGIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Agios Pharmaceuticals (NASDAQ:AGIO)
Historical Stock Chart
From Apr 2023 to Apr 2024