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Xeris Pharmaceuticals Announces Leading Independent Proxy Advisory Firm, ISS, Recommends Xeris Stockholders Vote “FOR” the Transaction With Strongbridge Biopharma
Urges stockholders to vote “FOR” all transaction-related proposals at the Xeris special meeting to be held virtually on September 14, 2021 CHICAGO--(BUSINESS
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nUrges stockholders to vote “FOR” all transaction-related proposals at the Xeris special meeting to be held virtually on September 14, 2021 \n\n CHICAGO--(BUSINESS WIRE)--\n\nXeris Pharmaceuticals, Inc. (Nasdaq: XERS) today announced that a leading independent proxy advisory firm Institutional Shareholder Services (“ISS”) has recommended that Xeris stockholders vote “FOR” all proposals related to the Company’s transaction with Strongbridge Biopharma plc (Nasdaq: SBBP) (“Strongbridge”).\n\n“We are pleased that ISS supports our Board’s recommendation to vote “FOR” the acquisition of Strongbridge. In its report, ISS recognizes the valuation, strategic rationale, and synergies of the combination,” said Paul R. Edick, Chairman of the Board and CEO. “We encourage Xeris stockholders to follow ISS’ recommendation and vote FOR all transaction-related proposals today.”\n\nIn making its recommendation, ISS noted1:\n\n\nThe deal is expected to deliver $50 million in annual cost savings, diversify the company’s revenue stream and development pipeline, and may lead to lower cost of capital in the future.\n\n\nOf particular note, Xeris expects that its endocrinology-focused commercial infrastructure will deliver a rapid launch of RECORLEV®, if approved by the FDA (a decision is expected by January 1, 2022).\n\n\nAs previously announced on May 24, 2021, Xeris entered into a definitive agreement to acquire Strongbridge Biopharma plc in a stock and CVR transaction, which was unanimously approved by both Board of Directors of each company. Upon closing of the transaction, Xeris stockholders will own approximately 60% of the combined company.\n\nA special meeting of stockholders is scheduled for September 14, 2021, at 8:00 a.m. Central Time for Xeris stockholders of record as of July 21, 2021. The special meeting will be held in a virtual-only meeting format due to the public health impact of COVID-19 pandemic.\n\nFor more information on Xeris’ proposed transaction with Strongbridge, please visit a joint transaction website at www.XerisStrongbridge.com.\n\nAdditional information\n\nIf stockholders have any questions about the transaction or the special meeting, or need to obtain copies of the joint proxy statement/prospectus, proxy card or any documents, or how to vote Xeris shares, please call Xeris’ proxy solicitor:\n\nInnisfree M&A Incorporated...