Business
Xeris Pharmaceuticals Completes Acquisition of Strongbridge Biopharma
Xeris Pharmaceuticals, Inc. and Strongbridge Biopharma plc are now subsidiaries of Xeris Biopharma Holdings, Inc. (Nasdaq: XERS) CHICAGO--(BUSINESS WIRE)--
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nXeris Pharmaceuticals, Inc. and Strongbridge Biopharma plc are now subsidiaries of Xeris Biopharma Holdings, Inc. (Nasdaq: XERS)\n\n CHICAGO--(BUSINESS WIRE)--\nXeris Pharmaceuticals, Inc. (“Xeris”), a pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable drug formulations, today announced that it has successfully completed the previously announced acquisition of Strongbridge Biopharma plc (Nasdaq: SBBP) (“Strongbridge”). Under the terms of the acquisition agreement, the businesses of Xeris and Strongbridge are now combined under Xeris Biopharma Holdings, Inc. (“Xeris Biopharma Holdings”). Strongbridge shares and Xeris shares ceased trading on the Nasdaq Global Select Market (“Nasdaq”) at the close of business today. Shares of Xeris Biopharma Holdings are expected to begin trading on the Nasdaq under the ticker symbol “XERS” on October 6, 2021.\n\n“We remain very enthusiastic about the combination. The new Xeris BioPharma will have two marketed products showing very positive growth, another potential commercial asset currently in front of the FDA that could launch in early 2022 and additional assets under development. With the close of the acquisition, we are ready to execute our integration plan and begin to realize the compelling strategic and financial benefits of the combination. In addition to highly differentiated products with multiple value inflection points, our pipeline, drug development talent and commercial infrastructure will enable us to accelerate product launches and drive further growth in the future as well,” said Paul R. Edick, Chairman and CEO of Xeris BioPharma Holdings, Inc. “I want to thank the Xeris team who have worked diligently to get us to this point in our growth as a company and welcome the Strongbridge team to help drive our next phase of growth. I am extremely excited about what the future potential of Xeris Biopharma brings for all of us, our shareholders, and ultimately the patient communities we serve.”\n\nThe stock and contingent value rights (“CVRs”) consideration payable in the transaction, when including the maximum aggregate amount payable under the CVRs, values Strongbridge at approximately $267 million based on the closing price of Xeris common stock of $3.47 on May 21, 2021 and Strongbridge’s fully diluted sha...