Agios Pharmaceuticals announced its shareholders voted to approve the previously disclosed sale of its commercial, clinical and research-stage oncology portfolio to Servier Pharmaceuticals an independent global pharmaceutical company.
Approximately 99.9% of the shares voted at the Special Meeting, representing approximately 90% of the outstanding shares entitled to vote, were voted in favor of the transaction. Agios will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.
Agios expects the close of the transaction to occur around March 31, 2021, subject to the satisfaction of customary closing conditions.
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Agios also announced that its board of directors authorized the repurchase of up to $1.2 billion of its outstanding shares after the close of the transaction. Agios expects to conduct the share repurchases over the next 12-18 months, including executing a meaningful portion of the planned repurchases by year-end through a combination of 10b5-1 plans, open market purchases and potentially privately negotiated block sales.