Agios Shareholders Approve Sale of Oncology Business to Servier
Agios Pharmaceuticals, Inc. recently announced its shareholders voted to approve the previously disclosed sale of its commercial, clinical, and research-stage oncology portfolio to Servier Pharmaceuticals, LLC, an independent global pharmaceutical company.
Approximately 99.9% of the shares voted at the Special Meeting, representing approximately 90% of the outstanding shares entitled to vote, were voted in favor of the transaction. Agios will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the US Securities and Exchange Commission. Agios expects the close of the transaction to occur around March 31, 2021, subject to the satisfaction of customary closing conditions.
Agios also announced that its board of directors authorized the repurchase of up to $1.2 billion of its outstanding shares after the close of the transaction. Agios expects to conduct the share repurchases over the next 12-18 months, including executing a meaningful portion of the planned repurchases by year-end through a combination of 10b5-1 plans, open market purchases, and potentially privately negotiated block sales.
Agios is focused on discovering and developing novel investigational medicines to treat genetically defined diseases through scientific leadership in the field of cellular metabolism. The company’s most advanced drug candidate is a first-in-class pyruvate kinase R (PKR) activator, mitapivat, that is currently being evaluated for the treatment of three distinct hemolytic anemias. In addition to its active late-stage clinical pipeline, Agios has multiple novel, investigational therapies in clinical and/or preclinical development. For more information, visit www.agios.com.
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