Societal CDMO Enters Into Definitive Agreement To Be Acquired By CoreRx, Inc.; Corerx Will Promptly Commence A Cash Tender Offer To Acquire All Outstanding Shares Of Societal CDMO Common Stock For $1.10 Per Share In Cash
Portfolio Pulse from Benzinga Newsdesk
Societal CDMO, Inc. (NASDAQ:SCTL) has announced a definitive agreement to be acquired by CoreRx, Inc. in a cash tender offer for all outstanding shares at $1.10 per share. The transaction, unanimously approved by Societal CDMO's board, is expected to close early in Q2 2024, subject to customary closing conditions. This merger aims to create an enhanced CDMO with broad capabilities in small molecule therapeutic development, from early-stage formulation to commercial manufacturing and packaging.
February 28, 2024 | 10:08 pm
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Societal CDMO, Inc. is set to be acquired by CoreRx, Inc. for $1.10 per share in cash, aiming to create a leading CDMO with expanded capabilities.
The acquisition of Societal CDMO by CoreRx at $1.10 per share represents a significant event for shareholders and the company's future. The unanimous board approval and the strategic intent to enhance capabilities in the CDMO space suggest a positive outlook for the company's value proposition. The expected closure in early Q2 2024 adds a timeline for potential stock price movements. Given the nature of the acquisition and the cash tender offer, it's likely to have a positive short-term impact on Societal CDMO's stock price, reflecting the acquisition premium and strategic benefits.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100