Ultragenyx counters RegenxBio with bid for Dimension
On Sept. 18, Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) offered to acquire gene therapy play Dimension Therapeutics Inc. (NASDAQ:DMTX) for $5.50 per share in cash, or about $138 million. In August, RegenxBio Inc. (NASDAQ:RGNX) agreed to acquire Dimension in a stock deal with an implied value of $3.41 per Dimension share.
Dimension said its board will review and consider Ultragenyx's unsolicited offer, which is a 358% premium to Dimension's close of $1.20 on Aug. 24, the day before it announced the RegenxBio deal. On Sept. 19, Dimension said Ultragenyx's offer could reasonably be expected to lead to a "Superior Proposal" as defined in Dimension’s merger agreement with RegenxBio, which would legally allow Dimension to sit down at the table with Ultragenyx...