ERYTECH Pharma S.A. (ENXTPA:ERYP) signed a memorandum of understanding to acquire Pherecydes Pharma Société anonyme (ENXTPA:ALPHE) from Group of Shareholders for ?23.3 million on February 15, 2023. As per the transaction, its a merger of equals ERYTECH Pharma S.A. entered into a merger agreement to acquire Pherecydes Pharma Société anonyme on May 15, 2023. Under the terms of the Memorandum of Understanding, Pherecydes shareholders would receive 15 new ERYTECH shares for every 4 Pherecydes shares they currently own. ERYTECH will issue total of 26,575,894 shares. Upon completion of the transaction, Pherecydes shareholders are expected to hold approximately 49.5% of the share capital and voting rights of ERYTECH.

The extraordinary general meetings of ERYTECH and PHERECYDES shareholders will be called upon to vote on the proposed merger, currently expected to be convened on June 23, 2023. As of June 5, 2023, Akkadian Partners has initiated legal proceedings against Erytech to obtain the postponement of the vote at the Annual General Meeting on June 23 on the merger with Pherecydes. Akkadian Partners holds around 5% stake in ERYTECH. The transaction is expected to close shortly after the approval by the shareholders. Transaction is expected to close at the end of the second quarter of 2023. As of May 24, 2023, transaction is expected to close on June 29, 2023. Finexsi is appointed by Commercial Court of Lyon as a auditor to this merger. ODDO BHF SCA acted as a financial advisor to ERYTECH Pharma.

As of June 15, 2023. ERYTECH Pharma (Nasdaq & Euronext: ERYP), announced today that the Lyon Commercial Court has rejected Akkadian's request to postpone the vote on the merger with Pherecydes Pharma. Erytech is pleased with today's order delivered by the President of the Lyon Commercial Court. This order rejected Akkadian Partners' attempt to postpone the vote on the merger. As a result, Erytech shareholders will be able to legitimately vote on the merger on June 23, 2023. As on June 21, 2023, Transaction has been approved by shareholders of Pherecydes Pharma and ERYTECH Pharma. An expert has been appointed to examine the merger parity and must submit his report to the parties within 4 months. Akkadian Partners has to cover the costs of this expert appraisal. Akkadian Partners has also been ordered to indemnify Erytech for the costs incurred by the company in this procedure.


ERYTECH Pharma S.A. (ENXTPA:ERYP) completed the acquisition of Pherecydes Pharma Société anonyme (ENXTPA:ALPHE) from Group of Shareholders on June 23, 2023. Stifel Financial Corp acted as financial advisor to ERYTECH Pharma S.A.