ISEE - Iveric Bio ticks higher as it sees sale to Astellas closing July 11

2023-06-29 21:40:12 ET

Iveric Bio ( NASDAQ: ISEE ) ticked up 0.8% in after hours trading after saying it expects its sale to Astellas ( OTCPK:ALPMF ) to close on July 11.

Iveric ( ISEE ) expects its $5.9 billion sale to close three business days after its shareholders vote on the planned sale to Astellas on July 6, according to a regulatory filing from a Q&A with Iveric employees.

The disclosure comes as Iveric ( ISEE ) at one point fell as much as 8.8% on Wednesday amid some vague investor concern about the deal. The companies disclosed on Monday that the HSR waiting period for Iveric's ( ISEE ) planned sale to Astellas ( OTCPK:ALPMF ) expired last Friday.

Earlier this month, Iveric Bio ( ISEE ) set July 6 as the date for its shareholders vote. The July date is an important one because it comes well before an Aug. 19 PDUFA date for Iveric's lead drug, Zimura. Some investors feared that the deal could run past the PDUFA date.

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