NeuroDerm Approves Merger with Mitsubishi
All of NeuroDerm’s shareholders have voted to approve the takeover by Japan’s Mitsubishi Tanabe Pharma. The merger was officially agreed on Jul. 24.
NeuroDerm said that all antitrust approvals and clearances have now been obtained and it expects the transaction to complete in mid-October, following the expiration of a mandatory 30-day waiting period following shareholder approval under Israeli law.
At the merger’s closing, NeuroDerm shareholders will have the right to receive $39 in exchange for each ordinary share.
As part of the deal, MT Porto, a wholly owned subsidiary of Mitsubishi Tanabe, will also be merged into NeuroDerm.
The Rehovot-based pharma company is developing drug-device combinations for central nervous system (CNS) disorders. Its lead product is ND0612 for treating Parkinson's disease, for which NeuroDerm expects to submit regulatory applications in Europe by the end of 2018.
