Pharmaceutical company Sciele Pharma Inc. (SCRX) said Thursday that Tall Bridge, Inc., an indirect wholly owned subsidiary of Japanese pharmaceutical company Shionogi & Co., Ltd., has received the majority of Sciele shares, subsequent to the expiration of the cash tender offer on Wednesday to buy all outstanding shares of Sciele common stock for $31.00 per share.
Atlanta, Georgia-based Sciele Pharma noted that the cash tender offer expired at 5:00 p.m., New York City time, on Wednesday. At the close, the depositary for the tender offer has advised Shionogi that a total of about 29,758,788 shares were validly tendered in the offering period. This represents about 92% of all outstanding shares of Sciele.
Sciele further stated that Shionogi plans to close the acquisition through a short-form merger without a vote or meeting of Sciele's shareholders, pursuant to which, Sciele will become an indirect wholly owned subsidiary of Shionogi.
Sciele also noted that in the merger, each outstanding share will be converted into the right to receive the same $31.00 in cash per share, without interest, that was paid in the tender offer.
All shares, except for any shares in respect of which appraisal rights are validly exercised under Delaware law and any shares owned by Sciele, Shionogi, or any of their subsidiaries, will be covered in this.
Following the merger, Sciele's common stock will stop trading on the Nasdaq Global Select Market.
SCRX closed Wednesday's regular trading on Nasdaq at $30.96, down $0.04, with a volume of 670,800 shares.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.