XERS - Strongbridge Biopharma soars 17% after being acquired by Xeris Pharma

Xeris Pharmaceuticals (XERS) will acquire Strongbridge Biopharma (SBBP) for stock and contingent value rights (CVRs) transaction.The agreement, including the maximum amount payable under the CVRs, values Strongbridge at ~$267M.The deal is expected to close early in Q4 2021.Upon closing, the businesses of Xeris and Strongbridge will be combined under a new entity to be called Xeris Biopharma Holdings. Under the terms of the agreement, Strongbridge shareholders will receive a fixed exchange ratio of 0.7840 shares of Xeris Biopharma Holdings common stock for each Strongbridge ordinary share.Strongbridge shareholders will also receive 1 non-tradeable CVR for each ordinary share owned, worth up to an additional $1.00 payable in cash or Xeris Biopharma Holdings common stock upon achievement of certain events.Upon closing of the transaction, Xeris shareholders are expected to own ~60% of the combined company, while Strongbridge shareholders will own ~40%.The combination of Xeris and Strongbridge is expected to deliver compelling strategic and

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Strongbridge Biopharma soars 17% after being acquired by Xeris Pharma