Kirschner
This article was originally published in The Gray Sheet
Executive Summary
Signs definitive agreement July 16 to merge with a Biomet subsidiary, apparently ending Biomet's bidding war with Maxxim Medical -- and earlier with Orthomet -- for the orthopedic device company. Under the deal, Kirschner accepted the Warsaw, Indiana firm's July 15 offer to buy all outstanding Kirschner common shares for $10.75 per share in cash or an equivalent value in Biomet common ("The Gray Sheet" July 18, p. 9). Biomet will decide whether to use all cash or all stock in the transaction. If stock is used, not less than 9 shares of Biomet stock will be exchanged for each share of Kirschner stock. Maxxim, in its most recent offer (on July 14), would have paid either $10.85 in cash for each Kirschner share or seven shares of Maxxim stock for ten shares of Kirschner. At Maxxim's July 15 closing price of $15-3/8, a stock transaction would have valued Kirschner shares at $10.76
You may also be interested in...
Prestige Expands UK Eye Care Range In Response To Consumer Demand
A “great consumer response” to TheraTears in the UK leads Prestige Consumer Healthcare to add TheraTears 5-in-1 Irritation and Redness eye drops to the range.
Who’s Hired? Hikma Recruits New US Generics President
A flurry of top level recruitments made headlines in the past weeks, with the likes of Hikma, Lupin, and Viatris announcing new hires while focusing on their targets for the year.
Organon And Henlius Complete Phase III For Denosumab
Having earlier this year reported positive Phase I data for their partnered denosumab biosimilar candidate, Organon and Shanghai Henlius Biotech have now announced that their HLX14 version has met primary endpoints in a Phase III study.