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Akebia Therapeutics Shareholders Approve Merger with Keryx

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Akebia Therapeutics, Inc. (NASDAQ:AKBA) today announced that Akebia
shareholders voted to approve the share issuance proposal required to
complete the merger with Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) at
a special meeting of Akebia shareholders held earlier today. More than
95% of the shares voted at the special meeting voted in favor of the
share issuance proposal.

"We appreciate the strong support we have received from Akebia
shareholders for our transformational merger with Keryx," said John P.
Butler, President and Chief Executive Officer of Akebia. "The merger
will establish a leading, fully integrated kidney disease therapeutics
company with the resources, leadership and infrastructure to maximize
the value of a highly complementary nephrology portfolio. We look
forward to the opportunity to advance care for kidney disease patients
as we work to deliver substantial long-term value for our shareholders."

Keryx separately announced today that its shareholders also voted to
approve the merger at a special meeting of Keryx shareholders.

The merger of Akebia and Keryx is subject to the satisfaction of various
closing conditions. Akebia and Keryx expect to complete the merger on
December 12, 2018.

About Akebia Therapeutics

Akebia Therapeutics, Inc. is a biopharmaceutical company headquartered
in Cambridge, Massachusetts, focused on delivering innovative therapies
to patients with kidney disease through hypoxia-inducible factor
biology. For more information, please visit our website at www.akebia.com,
which does not form a part of this release.

Forward Looking Statements

This document contains forward-looking statements within the meaning of
the federal securities law. Such statements are based upon current
plans, estimates and expectations that are subject to various risks and
uncertainties. The inclusion of forward-looking statements should not be
regarded as a representation that such plans, estimates and expectations
will be achieved. Words such as "anticipate," "create," "expect,"
"project," "intend," "believe," "may," "will," "should," "plan,"
"could," "target," "contemplate," "estimate," "position," "predict,"
"potential," "opportunity," "working to," "look forward" and words and
terms of similar substance used in connection with any discussion of
future plans, actions or events identify forward-looking statements. All
statements, other than historical facts, including the ability of the
parties to complete the merger; expectations for the combined company;
the value proposition of the transaction for stockholders; and the
consummation of the merger and the potential benefits of the merger are
forward looking statements. Important factors that could cause actual
results to differ materially from Akebia's and Keryx's plans, estimates
or expectations could include, but are not limited to: (i) conditions to
the closing of the merger may not be satisfied; (ii) the merger may
involve unexpected costs, liabilities or delays; (iii) the effect of the
announcement of the merger on the ability of Akebia or Keryx to retain
and hire key personnel and maintain relationships with customers,
suppliers and others with whom Akebia or Keryx does business, or on
Akebia's or Keryx's operating results and business generally;
(iv) Akebia's or Keryx's respective businesses may suffer as a result of
uncertainty surrounding the merger and disruption of management's
attention due to the merger; (v) the outcome of any legal proceedings
related to the merger; (vi) Akebia or Keryx may be adversely affected by
other economic, business, and/or competitive factors, including the
receipt by Keryx of a notice letters on October 31, 2018, and November
6, 2018, regarding abbreviated new drug applications submitted to the
FDA requesting approval to market, sell and use a generic version of the
Auryxia; (vii) the occurrence of any event, change or other
circumstances that could give rise to the termination of the merger
agreement; (viii) risks that the merger disrupts current plans and
operations and the potential difficulties in employee retention as a
result of the merger; (ix) risks that the anticipated benefits of the
merger or other commercial opportunities may otherwise not be fully
realized or may take longer to realize than expected; (x) the impact of
legislative, regulatory, competitive and technological changes,
including the recent changes to reimbursement coverage for Auryxia that
could have a material adverse effect on Auryxia sales and profitability;
(xi) expectations for future clinical trials, the timing and potential
outcomes of clinical trials and interactions with regulatory
authorities; and (xii) other risks to the consummation of the merger,
including the risk that the merger will not be consummated within the
expected time period or at all. Additional factors that may affect the
future results of Akebia and Keryx are set forth in their respective
filings with the U.S. Securities and Exchange Commission (the "SEC"),
including each of Akebia's and Keryx's most recently filed Annual Report
on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports
on Form 8-K, the definitive joint proxy statement/prospectus filed by
Akebia and Keryx and other filings with the SEC, which are available on
the SEC's website at www.sec.gov.
See in particular "Risk Factors" in the joint proxy
statement/prospectus, Item 1A of Akebia's Quarterly Report on
Form 10-Q for the quarter ended September 30, 2018, under the heading
"Risk Factors" and Item 1A of Keryx's Quarterly Report on Form 10-Q for
the quarter ended September 30, 2018, under the heading "Risk Factors."
The risks and uncertainties described above and in the definitive joint
proxy statement/prospectus, Akebia's most recent Quarterly Report on
Form 10-Q and Keryx's most recent Quarterly Report on Form 10-Q are not
exclusive and further information concerning Akebia and Keryx and their
respective businesses, including factors that potentially could
materially affect their respective businesses, financial condition or
operating results, may emerge from time to time. Readers are urged to
consider these factors carefully in evaluating these forward-looking
statements, and not to place undue reliance on any forward-looking
statements. Readers should also carefully review the risk factors
described in other documents that Akebia and Keryx file from time to
time with the SEC. The forward-looking statements in these materials
speak only as of the date of these materials. Except as required by law,
Akebia and Keryx assume no obligation to update or revise these
forward-looking statements for any reason, even if new information
becomes available in the future.

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