Orchard Therapeutics PLC (ORTX) has released an update to notify the public and investors about its asset transaction finalization.
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Upon the completion of the Scheme of Arrangement, all ordinary shares of the Company were acquired by Kyowa Kirin, with shareholders receiving $16.00 per American Depositary Share plus 10 contingent value rights (CVRs), which could yield additional payments if specific milestones are met. In-the-money vested options and certain restricted share units were also converted into rights for cash and CVR consideration. Unvested in-the-money options and unvested share units were cancelled but replaced by Transition Awards under a new plan, with vesting contingent on continued service, set to fully vest by December 31, 2024. The CVRs, governed by the CVR Agreement, are non-transferable rights that could result in payments if a particular FDA approval is achieved by the end of 2024, with no guarantees of payment.
For further insights into ORTX financials, check out TipRanks’ Financials page.
