Orchard Therapeutics PLC (ORTX) has released an update to notify the public and investors about its asset transaction finalization.
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.
