Kiadis Shareholders give irrevocable commitment to tender 36.6% of
the shares under the offer by Sanofi
This is a joint press release by Sanofi
("Sanofi") and Kiadis Pharma N.V.
("Kiadis"), pursuant to the provisions of Sections
5 paragraphs 4 and 5 and Section 6 paragraph 2 of the Dutch Decree
on Public Takeover Bids (Besluit openbare biedingen Wft) (the
“Decree”) in connection with the intended public
offer by Sanofi for all the issued and outstanding ordinary shares
in the capital of Kiadis (the “Offer”). This
announcement does not constitute an offer, or any solicitation of
any offer, to buy or subscribe for any securities. Any offer will
be made only by means of an offer memorandum (the "Offer
Document") approved by the Dutch Authority for the
Financial Markets (Autoriteit Financiële Markten) (the
"AFM") and recognized by the Belgian Authority for
the Financial Markets (Autoriteit voor Financiële Diensten en
Markten) (the ''FSMA''). This announcement is not
for release, publication or distribution, in whole or in part, in
or into, directly or indirectly, the United States, Canada and
Japan or in any other jurisdiction in which such release,
publication or distribution would be unlawful.
Kiadis Shareholders give irrevocable
commitment to tender 36.6% of the shares under the offer by
Sanofi
Paris, France and Amsterdam, The
Netherlands, 2 February 2021 – Sanofi (Euronext:
SAN and NYSE: SNY) and Kiadis Pharma N.V. (“Kiadis” or the
“Company”) (Euronext Amsterdam and Brussels: KDS)
Reference is made to the joint press release by
Sanofi and Kiadis dated 2 November 2020 in respect of the Offer to
be made by Sanofi at an offer price of EUR 5.45 in cash per share
(cum dividend) (the “Offer Price”).
Highlights:
- 36.6% Shares issued and outstanding on a fully diluted
basis, now committed under the Offer
- Kiadis and Sanofi reached agreement with Empery, Life
Sciences Partners, former CytoSen shareholders and option holders
and Kreos Capital in relation to their rights to acquire Shares and
their irrevocable commitment to tender all their Shares under the
Offer
Today, Sanofi and Kiadis jointly announce the
entering into of irrevocable undertakings with (i) Empery Asset
Master Ltd., Empery Tax Efficient, LP and Empery Tax Efficient III,
LP (jointly “Empery”), (ii) funds managed by Life
Sciences Partners (jointly “Life Sciences
Partners”), (iii) former CytoSen Therapeutics Inc.
(“CytoSen”) shareholders and option holders, and
(iv) Kreos Capital V (UK) Limited (“Kreos
Capital”).
36.6% Shares issued and
outstanding on a fully diluted basis, now committed under the
Offer
As set out in the joint press release by Sanofi
and Kiadis dated 2 November 2020, Life Sciences Partners have
previously undertaken to tender their current shareholding under
the Offer. Together with the additional irrevocable undertakings
given by Empery, Life Sciences Partners, the former CytoSen
shareholders and option holders and Kreos Capital, approximately
36.6% of the total number of issued and outstanding ordinary shares
in the capital of Kiadis, each with a nominal value of EUR 0.10
(the “Shares”) on a fully diluted basis as at
settlement of the Offer is now committed under the Offer.
Irrevocable Empery and Life Sciences
Partners
Empery and Life Sciences Partners hold
3,745,3181 and 1,493,4292 warrants (the
“Warrants“), respectively, and when exercised
representing 6.13% and 2.44%, respectively, of the issued and
outstanding Shares on a fully diluted basis as at settlement of the
Offer.
Kiadis, Sanofi, Empery and Life Sciences
Partners have agreed, pursuant to two separate agreements on
customary terms and conditions and conditional upon the Offer being
declared unconditional and the merger agreement between Sanofi and
Kiadis (the Merger Agreement) not being
terminated: (i) to adjust the exercise price payable by Empery and
Life Sciences Partners to Kiadis for the exercise of the Warrants
to EUR 0.38 per Warrant, such that the net proceeds to be received
by Empery and Life Sciences Partners per Warrant is equal to the
Black Scholes value of the Warrant which would otherwise have been
due and payable in cash upon settlement of the Offer; (ii) that the
Warrants will be exercised by Life Sciences Partners and Empery for
the aforementioned exercise price; and (iii) that upon exercise of
the Warrants, the corresponding Shares will be tendered under the
Offer in exchange for payment of the Offer Price per Share by
Sanofi. The irrevocable undertakings given by Empery and Life
Sciences Partners relate to their entire respective holdings of
Warrants.
Irrevocable former CytoSen shareholders
and option holders
Former CytoSen shareholders and option holders
are, pursuant to the agreement made in relation to the Company’s
acquisition of CytoSen in June 2019, eligible to a potential future
consideration of additional Shares, upon the achievement of six
clinical development and regulatory milestones, which milestones
will be accelerated in light of the Kiadis change of control,
subject to a discount mechanism (the “Milestone
Shares”).
Kiadis, Sanofi and the former CytoSen
shareholders3 and option holders4 have agreed, on customary terms
and conditions and conditional upon the Offer being declared
unconditional and the Merger Agreement not being terminated: (i)
that the Milestone Shares shall accelerate and become immediately
payable by the Company; and (ii) that upon such acceleration, the
Milestone Shares will be tendered under the Offer in exchange for
the Offer Price. The irrevocable undertakings given by the former
CytoSen shareholders and option holders relate to their entire
holdings of Shares, representing 11.19% of the total number of
issued and outstanding Shares as at settlement of the Offer on a
fully diluted basis. The former CytoSen shareholders have also
agreed to vote, with their current holding of Shares, in favor of
the resolutions relating to the Offer (the
"Resolutions") at the upcoming extraordinary
general meeting of Kiadis.
Irrevocable Kreos Capital
Kiadis and Kreos Capital have agreed that Kreos
Capital will convert into Shares, at an exercise price of EUR 2 per
Share, its entire convertible bond of EUR 5,000,000, plus an
additional amount of EUR 171,015 in interest, effective as per 15
February 2021. In addition, Kiadis, Sanofi and Kreos Capital have
agreed, on customary terms and conditions and conditional upon the
Offer being declared unconditional and the Merger Agreement not
being terminated, that Kreos Capital: (i) will vote with its
holdings of Shares in favor of the Resolutions at the upcoming
extraordinary general meeting of Kiadis; and (ii) commits to tender
all its holdings of Shares under the Offer in exchange for payment
of the Offer Price per Share by Sanofi. The irrevocable undertaking
given by Kreos Capital relates to its entire holding of Shares,
representing, upon conversion, 4.35% of the total number of issued
and outstanding Shares as at settlement of the Offer on a fully
diluted basis.
Miscellaneous
Empery, Life Sciences Partners, the former
CytoSen shareholders and option holders and Kreos Capital have not
received any information in connection with the Offer other than:
(i) the information that will be included in the Offer Document; or
(ii) the information disclosed in this press release.
As at the date of this press release: (i) Sanofi
does not hold any shares in the capital of Kiadis, Empery, Life
Sciences Partners, any of the former CytoSen shareholders or option
holders, or Kreos Capital; and (ii) Kiadis does not hold any shares
in the capital of Sanofi, Empery, Life Sciences Partners, any of
the former CytoSen shareholders or option holders, or Kreos
Capital.
HIERONDER VOLGT EEN VERTALING VAN HET
OORSPRONKELIJK IN DE ENGELSE TAAL OPGESTELDE PERSBERICHT EN WORDT
UITSLUITEND VOOR INFORMATIEVE DOELEINDEN VERSTREKT. IN GEVAL VAN
VERSCHILLEN TUSSEN BEIDE VERSIES PREVALEERT DE ENGELSE TEKST. AAN
DE VERTALING KUNNEN GEEN RECHTEN WORDEN ONTLEEND
Parijs, Frankrijk en Amsterdam,
Nederland, 2 februari 2021 – Sanofi (Euronext: SAN
en NYSE: SNY) en Kiadis Pharma N.V. (“Kiadis” of de “Vennootschap”)
(Euronext Amsterdam en Brussels: KDS)
Verwezen wordt naar het gezamenlijke persbericht
van Sanofi en Kiadis van 2 november 2020 met betrekking tot het
voorgenomen openbaar bod (het “Bod”) dat door
Sanofi zal worden uitgebracht tegen een biedprijs van EUR 5,45 in
contanten (cum dividend) per aandeel (de
“Biedprijs”).
Hoogtepunten
- 36,6% van de uitstaande aandelen op volledig verwaterde basis
zijn nu toegezegd onder het Bod
- Kiadis en Sanofi hebben overeenstemming bereikt met Empery,
Life Sciences Partners, de voormalig aandeelhouders en optiehouders
van CytoSen en Kreos Capital met betrekking tot hun rechten om
Aandelen te verwerven en hun onherroepelijke toezegging om al hun
aandelen aan te melden onder het Bod
Vandaag kondigen Sanofi en Kiadis gezamenlijk
aan dat er onherroepelijke toezeggingen zijn gedaan door (i) Empery
Asset Master Ltd., Empery Tax Efficient, LP en Empery Tax Efficient
III, LP (gezamenlijk “Empery”), (ii) fondsen
beheerd door Life Sciences Partners (gezamenlijk “Life
Sciences Partners”), (iii) de voormalige aandeelhouders en
optiehouders in CytoSen Therapeutics Inc.
(“CytoSen”), en (iv) Kreos Capital V (UK) Limited
(“Kreos Capital”).
36,6% van de Aandelen op volledig
verwaterde basis nu toegezegd onder het Bod
Zoals uiteengezet in het gezamenlijke
persbericht van Sanofi en Kiadis van 2 november 2020, heeft Life
Sciences Partners eerder toegezegd zijn belang van ongeveer 18,3%
onder het Bod aan te melden. Samen met de aanvullende
onherroepelijke toezeggingen van Empery, Life Sciences Partners, de
voormalige aandeelhouders en optiehouders van CytoSen en Kreos
Capital zijn ongeveer 36,6% van het totale aantal uitstaande gewone
aandelen in het kapitaal van Kiadis, elk met een nominale waarde
van EUR 0,10 (de “Aandelen”) op volledig
verwaterde basis op het moment van settlement van het Bod nu
toegezegd onder het Bod.
Onherroepelijke toezegging Empery en
Life Sciences Partners
Empery en Life Sciences Partners bezitten
respectievelijk 3.745.3185 en 1.493.4296 warrants (de
“Warrants”), en vertegenwoordigen bij uitoefening
daarvan respectievelijk 6,13% en 2,44% van de Aandelen op volledig
verwaterde basis op het moment van settlement van het Bod.
Kiadis, Sanofi, Empery en Life Sciences Partners
zijn overeengekomen, op grond van twee afzonderlijke overeenkomsten
onder gebruikelijke voorwaarden, en op voorwaarde dat het Bod
gestand wordt gedaan en de fusieovereenkomst tussen Sanofi en
Kiadis (de “Fusieovereenkomst”) niet wordt
beëindigd: (i) om de uitoefenprijs die Empery en Life Sciences
Partners aan Kiadis moeten betalen voor de uitoefening van de
Warrants aan te passen naar EUR 0,38 per Warrant, zodat de
netto-opbrengst die Empery en Life Sciences Partners per Warrant
zullen ontvangen gelijk is aan de Black Scholes-waarde van de
Warrant die anders in contanten verschuldigd en betaalbaar zou zijn
bij settlement van het Bod; (ii) dat de Warrants door Life Sciences
Partners en Empery zullen worden uitgeoefend voor de bovengenoemde
uitoefenprijs; en (iii) dat bij uitoefening van de Warrants, de
corresponderende Aandelen zullen worden aangemeld onder het Bod
tegen betaling van de Biedprijs per Aandeel door Sanofi. De
onherroepelijke toezeggingen afgegeven door Empery en Life Sciences
Partners hebben betrekking op hun volledige respectievelijke bezit
aan Warrants.
Onherroepelijke toezegging voormalige
aandeelhouders en optiehouders van CytoSen
De voormalige aandeelhouders en optiehouders van
CytoSen komen, overeenkomstig de overeenkomst die is gesloten met
betrekking tot de overname van CytoSen door de Vennootschap in juni
2019, in aanmerking voor mogelijke toekomstige vergoeding in de
vorm van aanvullende Aandelen, na het behalen van zes klinische- en
regelgevingsmijlpalen, welke mijlpalen naar voren zullen worden
gehaald in het licht van de verandering van controle over Kiadis,
met inachtneming van een kortingsmechanisme (de
“Mijlpaalaandelen”).
Kiadis, Sanofi en de voormalige aandeelhouders7
en optiehouders8 van CytoSen zijn overeengekomen, onder
gebruikelijke voorwaarden en op voorwaarde dat het Bod
onvoorwaardelijk wordt verklaard en de Fusieovereenkomst niet wordt
beëindigd: (i) dat de Mijlpaalaandelen naar voren worden gehaald en
onmiddellijk door de Vennootschap betaalbaar zijn; en (ii) dat na
het naar voren halen, de Mijlpaalaandelen zullen worden aangemeld
onder het Bod tegen de Biedprijs. De onherroepelijke toezeggingen
die zijn afgegeven door de voormalige aandeelhouders en
optiehouders van CytoSen hebben betrekking op hun volledige
Aandelenbezit, wat neerkomt op 11,19% van het totale aantal
uitstaande Aandelen op het moment van settlement van het Bod op
volledig verwaterde basis. De voormalige aandeelhouders van CytoSen
zijn ook akkoord gegaan om, met hun huidige Aandelenbezit, voor de
besluiten te stemmen die betrekking hebben op het Bod (de
"Besluiten") op de aankomende buitengewone
algemene vergadering van Kiadis.
Onherroepelijke toezegging Kreos
Capital
Kiadis en Kreos Capital zijn overeengekomen dat
Kreos Capital zijn volledige converteerbare obligaties van EUR
5.000.000 zal converteren naar Aandelen, tegen een uitoefenprijs
van EUR 2 per Aandeel, plus een bijkomend bedrag van EUR 171.015 in
rente, ingaande op 15 februari 2021. Bovendien zijn Kiadis, Sanofi
en Kreos Capital onder gebruikelijke voorwaarden en op voorwaarde
dat het Bod gestand wordt gedaan en de Fusieovereenkomst niet wordt
beëindigd, overeengekomen dat Kreos Capital: (i) met zijn
Aandelenbelangen voor de Besluiten zal stemmen op de aankomende
buitengewone algemene vergadering van Kiadis; en (ii) zich ertoe
verbindt om al zijn Aandelenbelangen aan te melden onder het Bod
tegen betaling van de Biedprijs per Aandeel door Sanofi. De
onherroepelijke toezegging die Kreos Capital heeft gedaan, heeft
betrekking op haar gehele aandelenbezit, die na conversie 4,35% van
het totale aantal uitstaande Aandelen vertegenwoordigt op het
moment van settlement van het Bod op volledig verwaterde basis.
Overig
Empery, Life Sciences Partners, de voormalige
aandeelhouders en optiehouders van CytoSen en Kreos Capital hebben
geen informatie ontvangen in verband met het Bod anders dan (i) de
informatie die in het Biedingsbericht zal worden opgenomen; of (ii)
de informatie die is bekendgemaakt door middel van dit
persbericht.
Op de datum van dit persbericht: (i) houdt
Sanofi geen aandelen in het kapitaal van Kiadis, Empery, Life
Sciences Partners, een van de voormalige aandeelhouders of
optiehouders van CytoSen, of Kreos Capital; en (ii) houdt Kiadis
geen aandelen in het kapitaal van Sanofi, Empery, Life Sciences
Partners, een van de voormalige aandeelhouders of optiehouders van
CytoSen, of Kreos Capital.
For more information:
Kiadis: Maryann
Cimino, Director, Corporate Affairs Tel: +1 617 710 7305
m.cimino@kiadis.com Kiadis Media Relations
ContactsLifeSpring Life Sciences
Communication: Leon Melens (Amsterdam) Tel: +31 20 538 16
427 lmelens@lifespring.nl Optimum Strategic
Communications: Mary Clark, Supriya Mathur Tel: +44 203
950 9144 kiadis@optimumcomms.com |
Sanofi: Sanofi Media
Relations Contact Ashleigh Koss Tel.: +1 908 205 2572
ashleigh.koss@sanofi.com Sanofi Investor Relations Contacts
Paris Eva Schaefer-Jansen Arnaud DelepineYvonne Naughton
Sanofi Investor Relations Contacts North America
Felix LauscherFara BerkowitzSuzanne Greco IR main line:Tel.:
+33 1 53 77 45 45 ir@sanofi.com |
About Kiadis
Founded in 1997, Kiadis is committed to
developing innovative cell-based medicines for patients with
life-threatening diseases. With headquarters in Amsterdam, The
Netherlands, and offices and activities across the United States,
Kiadis is reimagining medicine by leveraging the natural strengths
of humanity and our collective immune system to source the best
cells for life.
Kiadis is listed on the regulated market of
Euronext Amsterdam and Euronext Brussels since July 2, 2015, under
the symbol KDS. Learn more at www.Kiadis.com.
About Sanofi
Sanofi is dedicated to supporting people through
their health challenges. It is a global biopharmaceutical company
focused on human health. Sanofi prevents illness with vaccines and
provides innovative treatments to fight pain and ease suffering.
Sanofi stands by the few who suffer from rare diseases and the
millions with long-term chronic conditions.
With more than 100,000 people in 100 countries,
Sanofi is transforming scientific innovation into healthcare
solutions around the globe.
Sanofi, Empowering Life
Disclaimer
This is a joint public announcement by Kiadis
and Sanofi pursuant to section 7 paragraph 1 sub a and contains
inside information within the meaning of Article 7(1) of the EU
Market Abuse Regulation.
The information in the press release is not
intended to be complete. This announcement is for information
purposes only and does not constitute an offer, or any solicitation
of any offer, to buy or subscribe for any securities.
The distribution of this press release may, in
some countries, be restricted by law or regulation. Accordingly,
persons who come into possession of this document should inform
themselves of and observe these restrictions. To the fullest extent
permitted by applicable law, Sanofi and Kiadis disclaim any
responsibility or liability for the violation of any such
restrictions by any person. Any failure to comply with these
restrictions may constitute a violation of the securities laws of
that jurisdiction. Neither Sanofi, nor Kiadis, nor any of their
advisors assumes any responsibility for any violation by any of
these restrictions. Any Kiadis shareholder who is in any doubt as
to his or her position should consult an appropriate professional
advisor without delay.
Kiadis Forward-Looking
Statements
Certain statements, beliefs and opinions in this
press release are forward-looking, which reflect Kiadis’ or, as
appropriate, Kiadis’ officers’ current expectations and projections
about future events. By their nature, forward-looking statements
involve a number of known and unknown risks, uncertainties and
assumptions that could cause actual results, performance,
achievements or events to differ materially from those expressed,
anticipated or implied by the forward-looking statements. These
risks, uncertainties and assumptions could adversely affect the
outcome and financial effects of the plans and events described
herein. A multitude of factors including, but not limited to,
changes in demand, regulation, competition and technology, can
cause actual events, performance, achievements or results to differ
significantly from any anticipated or implied development.
Forward-looking statements contained in this press release
regarding past trends or activities should not be taken as a
representation that such trends or activities will continue in the
future. As a result, Kiadis expressly disclaims any obligation or
undertaking to release any update or revisions to any
forward-looking statements in this press release as a result of any
change in expectations or projections, or any change in events,
conditions, assumptions or circumstances on which these
forward-looking statements are based. Neither Kiadis nor its
advisers or representatives nor any of its subsidiary undertakings
or any such person’s officers or employees guarantees that the
assumptions underlying such forward-looking statements are free
from errors nor does either accept any responsibility for the
future accuracy of the forward-looking statements contained in this
press release or the actual occurrence of the anticipated or
implied developments. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
press release.
Sanofi Forward-Looking
Statements
This press release contains forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995, as amended. Forward-looking statements are statements
that are not historical facts. These statements include projections
and estimates and their underlying assumptions, statements
regarding plans, objectives, intentions and expectations with
respect to future financial results, events, operations, services,
product development and potential, and statements regarding future
performance. Forward-looking statements are generally identified by
the words “expects”, “anticipates”, “believes”, “intends”,
“estimates”, “plans” and similar expressions. Although Sanofi’s
management believes that the expectations reflected in such
forward-looking statements are reasonable, investors are cautioned
that forward-looking information and statements are subject to
various risks and uncertainties, many of which are difficult to
predict and generally beyond the control of Sanofi, that could
cause actual results and developments to differ materially from
those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include
among other things, risks related to Sanofi’s ability to complete
the acquisition on the proposed terms or on the proposed timeline,
the possibility that competing offers will be made, other risks
associated with executing business combination transactions, such
as the risk that the businesses will not be integrated
successfully, that such integration may be more difficult,
time-consuming or costly than expected or that the expected
benefits of the acquisition will not be realized, the uncertainties
inherent in research and development, future clinical data and
analysis, including post marketing, decisions by regulatory
authorities, such as the FDA or the EMA, regarding whether and when
to approve any drug, device or biological application that may be
filed for any such product candidates as well as their decisions
regarding labelling and other matters that could affect the
availability or commercial potential of such product candidates,
the fact that product candidates if approved may not be
commercially successful, the future approval and commercial success
of therapeutic alternatives, Sanofi’s ability to benefit from
external growth opportunities, to complete related transactions
and/or obtain regulatory clearances, risks associated with
intellectual property and any related pending or future litigation
and the ultimate outcome of such litigation, trends in exchange
rates and prevailing interest rates, volatile economic and market
conditions, cost containment initiatives and subsequent changes
thereto, and the impact that COVID-19 will have on us, our
customers, suppliers, vendors, and other business partners, and the
financial condition of any one of them, as well as on our employees
and on the global economy as a whole. Any material effect of
COVID-19 on any of the foregoing could also adversely impact us.
This situation is changing rapidly and additional impacts may arise
of which we are not currently aware and may exacerbate other
previously identified risks. The risks and uncertainties also
include the uncertainties discussed or identified in the public
filings with the SEC and the AMF made by Sanofi, including those
listed under “Risk Factors” and “Cautionary Statement Regarding
Forward-Looking Statements” in Sanofi’s annual report on Form 20-F
for the year ended December 31, 2019. Other than as required by
applicable law, Sanofi does not undertake any obligation to update
or revise any forward-looking information or statements.
1 Issued on 28 April 2020.
2 Issued on 30 April 2020.
3 Reference is made to the press release issued by Kiadis on 7
December 2020 regarding holdback shares, in which the names of the
former CytoSen shareholders are set out.
4 The former CytoSen option holders are as follows: Mr.
Caligiuri, Mr. Carrier, Mr. Chen, Mr. Crouch, Mr. Fehniger, Mr.
Gibson, Ms. Heslop, Mr. June, Mr. Miller and Mr. Shan.
5 Uitgegeven op 28 april 2020.
6 Uitgegeven op 30 april 2020.
7 Verwezen wordt naar het persbericht van Kiadis van 7 december
2020 betreffende ‘holdback’-aandelen, waarin de namen van de
voormalige aandeelhouders van CytoSen worden vermeld.
8 The voormalige optiehouders van CytoSen zijn als volgt: dhr.
Caligiuri, dhr. Carrier, dhr. Chen, dhr. Crouch, dhr. Fehniger,
dhr. Gibson, mevr. Heslop, dhr. June, dhr. Miller en dhr. Shan.