Takeda to complete acquisition of IDM Pharma via short-form merger

By Lisa Kerner

Charlotte, N.C., June 23 - Takeda Pharmaceutical Co. Ltd. said it completed its $2.64-per-share tender offer for all of the outstanding shares of IDM Pharma, Inc. on Monday.

Approximately 21,842,929 shares, or 86.4%, of IDM common stock were validly tendered, Takeda said. The total included shares tendered under guaranteed delivery procedures.

Takeda said its subsidiary will exercise the option to purchase additional IDM shares for $2.64 per share so that it owns more than 90% of the company's outstanding shares.

According to Takeda, it will then acquire IDM through a short-form merger under Delaware law.

The tender offer for IDM, an Irvine, Calif., biopharmaceutical company, began in May.

Takeda is a research-based pharmaceutical company based in Osaka, Japan.

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