Market Overview

Cubist Pharmaceuticals Announces Results of Initial Tender Offer for Outstanding Shares of Adolor Corporation and Commencement of Subsequent Offering Period


Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) and Adolor Corporation (NASDAQ: ADLR) today announced the results of Cubist's initial tender offer to purchase all of the outstanding shares of common stock of Adolor for $4.25 per share in cash, plus one nontransferable Contingent Payment Right (CPR) entitling the holder to receive additional cash payments of up to $4.50 for each share tendered if certain regulatory approvals and/or commercialization milestones for ADL5945 are achieved. The tender offer is being effected through Cubist's subsidiary, FRD Acquisition Corporation. The initial tender offer period expired at 12:00 midnight ET, at the end of December 6, 2011.

The depositary for the tender offer has advised Cubist that, as of the expiration of the initial offering period, a total of approximately 36,090,910 shares of Adolor common stock were validly tendered and not withdrawn (not including approximately 1,163,147 shares subject to guaranteed delivery procedures), representing approximately 75% of the outstanding Adolor common shares. All shares that were validly tendered and not withdrawn during the initial offering period have been accepted for payment.

Posted-In: M&A News


Related Articles (ADLR + CBST)

View Comments and Join the Discussion!

Cubic Receives Navy ID/IQ Contract for Training Systems

PDL BioPharma Announces Adjusted Conversion Rates for Its Convertible Notes