Acorda Therapeutics Inc. announced last week that the waiting period has expired for its tender offer for Biotie Therapies, according to an amendment to the Hart-Scott-Rodino Antitrust Improvement Act of 1976 (HSR).
Acorda previously announced that it had agreed to buy Biotie for €0.2946 per share and €23.5680 per American Depositary Shares (ADS ) in cash back in January. According to the agreement, Acorda will purchase all of Biotie’s outstanding shares, American Depositary Shares and other secure equities with a public tender offer.
The expiration of the HSR waiting period meets one of the stated conditions of the Acorda’s tender offer, which has not yet been disclosed. There will be terms and conditions due to the closing of the offer, unless Acorda wishes to waive them. Included in these conditions are the valid acquisition of at least 90 percent of Biotie’s issued and outstanding shares by Acorda and Biotie’s voting rights.
Both Acorda and Biotie focus on the development of therapies for neurological disorders.