- CoreRx, Inc. has announced a definitive agreement to acquire Societal CDMO, Inc. The transaction is expected to close early in the second quarter of 2024.
- This acquisition aims to create a comprehensive service provider with strengths ranging from early-stage formulation development to commercial manufacturing and packaging.
In order to expand its capabilities, CoreRx, Inc. has announced a definitive agreement to acquire Societal CDMO, Inc. (NASDAQ: SCTL), a contract development and manufacturing organisation (CDMO) known for tackling complex formulation and manufacturing challenges.
The transaction is expected to close early in the second quarter of 2024, with CoreRx initiating a tender offer for all outstanding shares of Societal CDMO at $1.10 per share in cash. This acquisition aims to create a comprehensive service provider with strengths ranging from early-stage formulation development to commercial manufacturing and packaging.
Societal CDMO’s board of directors has unanimously approved the deal and recommends that shareholders tender their shares. The tender offer is contingent upon the majority of Societal CDMO’s outstanding shares being tendered, along with other customary closing conditions.
Following the tender offer’s completion, CoreRx will conduct a second-step merger to acquire any remaining shares at the same price, which will not require a shareholder vote. Societal CDMO’s CEO, David Enloe, expressed confidence in the merger, stating that it will deliver substantial value to shareholders and bolster the company’s position as a preferred CDMO partner in the small molecule space.
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