Jazz Pharmaceuticals plc announced the successful completion of its acquisition of privately-held Actio Biosciences, Inc. for $820 million upfront. Actio is now a wholly-owned subsidiary of Jazz.
Jazz completed the acquisition of Actio Biosciences through the merger of Knight Acquisition Corp. (the "Merger Sub"), a Delaware corporation, an indirect wholly-owned subsidiary of Jazz, with and into Actio (the "Merger"). As a result of the Merger, the separate existence of the Merger Sub ceased, and Actio will continue as the surviving corporation and an indirect wholly-owned subsidiary of Jazz. As part of the transaction, Actio spun out a new privately-held entity to which certain non-ABS-1230 programs of Actio were transferred. The new, independent private company is funded by existing investors, with Jazz receiving a minority stake and certain related rights.