SteadyMed Shareholders Approve Proposed Acquisition by United Therapeutics
07/31/2018 | 06:01am EST
SAN RAMON, Calif., July 31, 2018 (GLOBE NEWSWIRE) -- 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.
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.