SteadyMed Shareholders Approve Proposed Acquisition by United Therapeutics
July 31 2018 - 6:00AM
SteadyMed Ltd. (Nasdaq: STDY), a specialty pharmaceutical company
focused on the development of drug product candidates to treat
orphan and high-value diseases with unmet parenteral delivery
needs, today announced that SteadyMed shareholders voted to approve
the previously announced acquisition of the company by United
Therapeutics Corporation (NASDAQ: UTHR) at an extraordinary general
meeting of shareholders held on July 30, 2018. SteadyMed
shareholders also approved the non-binding advisory proposal
regarding executive compensation related to the acquisition.
Upon completion of the acquisition, SteadyMed
shareholders will be entitled to receive $4.46 per share in cash
and one contractual contingent value right per share (subject to
the Contingent Value Rights Agreement), which will represent the
right to receive $2.63 in cash upon the achievement of a milestone
related to the commercialization of Trevyent®.
Under Israeli law, the closing may not occur
until at least thirty days have passed since SteadyMed shareholder
approval at the extraordinary general meeting of shareholders. The
parties expect closing of the transaction will occur in the third
quarter of this year, subject to the satisfaction of customary
closing conditions.
About SteadyMed Ltd.
SteadyMed Ltd. is a specialty pharmaceutical
company focused on the development of drug products to treat orphan
and high value diseases with unmet parenteral delivery needs. The
company’s lead drug product candidate is Trevyent, a
development-stage drug-device combination product that combines
SteadyMed’s PatchPump technology with treprostinil, a vasodilatory
prostacyclin analogue to treat PAH. SteadyMed has offices in San
Ramon, California and Rehovot, Israel. For additional information
about SteadyMed please visit www.steadymed.com.
Forward-looking Statements
Statements included in this press release that
are not historical in nature are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, but not limited to, statements related to the
timing of the consummation of the business combination transaction
between United Therapeutics and SteadyMed. Forward-looking
statements are based on SteadyMed management’s beliefs, as well as
assumptions made by, and information currently available to,
SteadyMed’s management. Because such statements are based on
expectations as to future events and results and are not statements
of fact, actual events and results may differ materially from those
projected depending on a number of factors affecting the
transaction. SteadyMed is providing this information as of July 31,
2018 and undertakes no obligation to update or revise the
information contained in this press release whether as a result of
new information, future events or any other reason. The risks and
uncertainties which forward-looking statements are subject to
include, but are not limited to: the risk that the transaction may
not be completed in a timely manner or at all, which may adversely
affect SteadyMed’s business and the price of the ordinary shares of
SteadyMed; the failure to satisfy the conditions to the
consummation of the transaction, the occurrence of any event,
change or other circumstance that could give rise to the
termination of the merger agreement; the effect of the announcement
or pendency of the transaction on SteadyMed’s business
relationships, operating results, and business generally; risks
that the proposed transaction disrupts current plans and operations
of SteadyMed and potential difficulties in SteadyMed employee
retention as a result of the transaction; risks related to
diverting management’s attention from SteadyMed’s ongoing business
operations; the outcome of any legal proceedings that may be
instituted against SteadyMed related to the merger agreement or the
transaction; future clinical results; the timing or outcome of FDA
approvals or actions, if any; and other risks and uncertainties,
such as those described in periodic and other reports filed by
SteadyMed with the Securities and Exchange Commission, including
its most recent Annual Report on Form 10-K and Current Reports on
Form 8-K. TREVYENT and PATCHPUMP are registered trademarks of
SteadyMed Ltd.
Contacts:Marylyn RigbySenior
Director, Investor Relations and Marketing925-272-4999E-mail:
mrigby@steadymed.com
The Ruth GroupLee
Roth646-536-7012E-Mail: lroth@theruthgroup.com
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