ZymoGenetics/Bristol-Myers Squibb
On September 7th, 2010, Bristol-Myers Squibb Company (NYSE: BMY) announced that they have entered an agreement with ZymoGenetics, Inc. (Nasdaq: ZGEN) to acquire the company for $9.75 per share in cash. The transaction has an aggregate purchase price of approximately $885 million, or approximately $735 million net of cash acquired.
The Boards of Directors of both companies approved the transaction.
Under the terms of the definitive agreement, Bristol-Myers Squibb will commence a cash tender offer on or about September 9, 2010, to purchase all of the outstanding shares of ZymoGenetics's common stock for $9.75 per share. The companies expect the tender offer to close approximately thirty days after commencement of the tender offer.
Initially, the transaction is expected to be modestly dilutive to earnings per share (EPS) for Bristol-Myers Squibb. In 2010, the transaction is expected to be dilutive to EPS by approximately $0.03. In 2011, the transaction is expected to be dilutive to EPS by approximately $0.07.
Morgan Stanley & Co. Incorporated is serving as financial advisor to Bristol-Myers Squibb in connection with the acquisition, and Bristol-Myers Squibb is represented by Kirkland & Ellis LLP. Goldman, Sachs & Co. is serving as financial advisor to ZymoGenetics in connection with the acquisition, and ZymoGenetics is represented by Latham & Watkins LLP and Fenwick & West LLP.
The Boards of Directors of both companies approved the transaction.
Under the terms of the definitive agreement, Bristol-Myers Squibb will commence a cash tender offer on or about September 9, 2010, to purchase all of the outstanding shares of ZymoGenetics's common stock for $9.75 per share. The companies expect the tender offer to close approximately thirty days after commencement of the tender offer.
Initially, the transaction is expected to be modestly dilutive to earnings per share (EPS) for Bristol-Myers Squibb. In 2010, the transaction is expected to be dilutive to EPS by approximately $0.03. In 2011, the transaction is expected to be dilutive to EPS by approximately $0.07.
Morgan Stanley & Co. Incorporated is serving as financial advisor to Bristol-Myers Squibb in connection with the acquisition, and Bristol-Myers Squibb is represented by Kirkland & Ellis LLP. Goldman, Sachs & Co. is serving as financial advisor to ZymoGenetics in connection with the acquisition, and ZymoGenetics is represented by Latham & Watkins LLP and Fenwick & West LLP.
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