Arix Bioscience PLC has provided an update on the recommended all-share acquisition of its assets by RTW Biotech Opportunities Ltd (RTW Bio) and the resignation of directors. The acquisition is set to be carried out through a scheme of reconstruction and the voluntary winding-up of Arix under section 110 of the Insolvency Act 1986. The Share Purchase, which was completed on 19 January 2024, saw RTW OpCo acquire 33,023,210 shares from Merton Acquisition HoldCo LLC, a wholly owned subsidiary of Acacia Research Corporation, for $57.1 million in cash. This represents an approximately 25.5 per cent interest in the company.
Following the Share Purchase, Maureen O'Connell and Isaac Kohlberg have resigned from the Arix Board. Arix also noted the voting recommendations recently published by leading proxy advisor firms, which recommend that shareholders vote in favor of the Resolution proposed to approve the Scheme. The company expects to publish the Shareholder circular, containing the notice of the Second General Meeting, later in the week.
The announcement also includes contact information for Arix Bioscience plc, Jefferies (Financial Adviser & Corporate Broker to Arix), and Powerscourt Group (PR & Communications adviser to Arix). It also includes important information regarding the exclusivity of Jefferies in acting for Arix and the notice to US shareholders in Arix.