Novo Nordisk Finally Finalizes their Billion Dollar Acquisition of Forma Therapeutics

Novo Nordisk completed its acquisition of Forma Therapeutics. Novo sought out Forma for its eye-catching portfolio of novel therapeutics for hematologic diseases and cancers. Announced at the start of September of this year, the deal’s worth is around $1.1 billion. With the acquisition’s completion, Novo is now the sole owner of Forma.

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The Completion of the $1.1 billion Acquisition

Forma Therapeutics is a clinical-stage biopharmaceutical company who has a portfolio divided between hematologic diseases and cancers. Their portfolio includes etavopivat, a therapy that increases hemoglobin oxygen capacity in sickle cell disease patients, and FT-7051, an inhibitor for prostate cancer. 

Because of its strong portfolio, Novo sought the acquisition of Forma. Announcing the deal on September 1, Novo declared their purchase of the biopharmaceutical pharmaceutical company for $20 per share in cash for a total of $1.1 billion. 

At the time, Frank D. Lee, President and Chief Executive Officer of Forma, said, “Today’s announcement is an exciting milestone that accelerates Forma’s purpose to transform the lives of patients with sickle cell disease and other serious haematological diseases. We look forward to working together with Novo Nordisk to serve as a trusted partner to our communities and to advance innovation, access and health equity for patients.”

As of October 13, Novo’s offer validly tendered 43,837,986 shares of Forma’s common stock without valid withdrawal. This amount represents 91.5% of Forma’s stock. The remaining 8.5% of the company’s stocks not tendered were canceled, resulting in a conversion to an offer of $20 per share without interest.

Novo Nordisk merged Forma into its subsidiary. Though the clinical-stage biopharmaceutical company retains its name, it is now accompanied by a subtitle “A Novo Nordisk Company,” signifying its new position as a wholly owned subsidiary of the company. As a result,the Nasdaq Global Select Market no longer lists or trades Forma.

Author

Max Heirich