Cancer diagnostic company, Foundation Medicine, has announced that its stockholders approved each proposal in connection with the pending strategic transaction with Swiss drug maker Roche presented at the meeting held on April 2, 2015.
Around 80% of the total outstanding shares of common stock eligible to vote at the meeting were voted in favor of each proposal related to the Roche transaction.
The approval of these proposals satisfies one of the remaining closing conditions for the proposed transaction. The transaction with Roche includes the pending tender offer by Roche to purchase up to 15.6 million shares of Foundation Medicine common stock at a price of $50 per share, and the purchase by Roche of 5 million newly issued shares of Foundation Medicine common stock at a price of $50 per share.
The transaction with Swiss drug company also includes research & development and commercial collaborations between the parties. The pending transaction with the drug maker remains subject to the successful completion of the tender offer, which is scheduled to expire at the end of the day on Monday, April 6, 2015.
Subject to satisfaction or waiver of the remaining conditions to the transaction and closing of the Roche transaction is expected to occur on April 7, 2015.