Novartis AG announced its indirect wholly-owned subsidiary, Medusa Merger Corporation, a Delaware corporation, has commenced a cash tender offer to purchase all of the outstanding shares of common stock, par value USD 0.001 per share, of The Medicines Company for a price of USD 85.00 per share, net to the seller in cash, without interest and subject to any tax withholding. The Offer is being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated December 5, 2019, and the related Letter of Transmittal and pursuant to the terms of the previously announced Agreement and Plan of Merger, dated as of November 23, 2019, among Novartis, Purchaser and The Medicines Company.
The Offer will expire at 12:00 midnight, New York City time, at the end of the day on January 3, 2020, unless extended. Any extension of the Offer will be followed by public announcement of the extension by press release or other public announcement before 9:00 a.m., New York City time, on the next business day after the Expiration Date.
Novartis will file today a Tender Offer Statement on Schedule TO with the United States Securities and Exchange Commission. The Offer to Purchase contained within the Schedule TO sets out the full terms and conditions of the Offer.
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The Medicines Company will file today a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC, which includes, among other things, the recommendation of The Medicines Company board of directors that The Medicines Company’s stockholders accept the Offer and tender their shares of The Medicines Company common stock pursuant to the Offer.
The Offer is subject to customary closing conditions, including the tender of at least a majority of the outstanding shares of The Medicines Company common stock and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Offer is subject to other important conditions set forth in the Offer to Purchase. The Offer is not subject to a financing condition.