Mitsubishi Tanabe Pharma Corporation Completes Acquisition of NeuroDerm
October 18 2017 - 4:23AM
NeuroDerm Ltd. (Nasdaq:NDRM), a clinical stage pharmaceutical
company developing drug-device combinations for central nervous
system (CNS) disorders, announced today the completion of the
previously announced acquisition of NeuroDerm by Mitsubishi Tanabe
Pharma Corporation (TSE Code: 4508), a publicly traded company on
the Tokyo Stock Exchange (“MTPC”). Pursuant to the transaction,
which was approved by NeuroDerm's shareholders on September 12,
2017, a wholly-owned subsidiary of MTPC merged with and into
NeuroDerm, with NeuroDerm continuing as the surviving corporation
and a wholly owned subsidiary of MTPC. As a result of the
acquisition, NeuroDerm’s shareholders will be entitled to receive
the merger consideration of US$39.00 in cash per ordinary share
(without interest and less any applicable withholding taxes). In
connection with the closing of the transaction, NeuroDerm’s
ordinary shares will cease to be traded on the NASDAQ Global Market
as of October 18, 2017.
Shareholders who possess NeuroDerm share
certificates or hold their shares in book entry form on the books
and records of the NeuroDerm’s transfer agent will receive a letter
of transmittal with detailed instructions, along with other forms,
from the appointed paying agent, American Stock Transfer &
Trust Company, regarding the surrender of their certificates or the
transfer of the book entry interests for the merger consideration.
For shares held in street name by a broker, bank or other nominee,
the broker, bank or other nominee will handle the exchange of
shares for shareholders and will provide them with any relevant
instructions to effect the exchange.
About NeuroDerm
NeuroDerm is a clinical-stage pharmaceutical
company developing central nervous system (CNS) product candidates
that are designed to overcome major deficiencies of current
treatments and achieve enhanced clinical efficacy through
continuous, controlled administration. NeuroDerm’s main focus is in
Parkinson’s disease, where it has three clinical stage product
candidates in development which offer a solution for almost every
Parkinson’s disease patient, from moderate to the very severe stage
of the disease. The primary product candidates are a line of
levodopa and carbidopa (LD/CD) products administered through small
belt pumps that deliver a continuous, controlled dose of LD/CD. The
LD/CD product candidates, ND0612L and ND0612H, are aimed at the
treatment of moderate and advanced Parkinson’s disease patients,
respectively, and are delivered subcutaneously. NeuroDerm is also
designing a patch pump for future use. In addition, NeuroDerm is
developing ND0701, a novel subcutaneously delivered apomorphine
formulation for patients who suffer from moderate to severe
Parkinson’s disease and who do not respond well to LD/CD. NeuroDerm
is headquartered in the Weizmann Science Park in Rehovot,
Israel.
Investor Contact:
David Carey Lazar Partners Ltd.
dcarey@lazarpartners.com +212-867-1768
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