On April 18, 2023 Alkermes plc (Nasdaq: ALKS) reported that it has submitted a confidential draft Form 10 registration statement to the United States Securities and Exchange Commission in connection with the previously announced planned separation of the company’s oncology business into an independent, publicly-traded company (Oncology Co.) (Press release, Alkermes, APR 18, 2023, View Source [SID1234630222]). The company continues to expect to complete the separation in the second half of 2023.
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As announced in November 2022, Alkermes’ Board of Directors (the Board) unanimously approved the exploration of separating the company’s neuroscience business and oncology business. The planned separation is part of a strategic process commenced by the Board to unlock shareholder value through a sharpened strategic focus, simplified capital allocation decision-making, and distinctive investment profiles for each business.
The planned separation would allow Alkermes to maintain its focus on researching, developing and commercializing therapies for people living with complex neurological conditions and is expected to accelerate and enhance the profitability of the remaining neuroscience business. Oncology Co. would focus on the discovery and development of cancer therapies, including continued development of nemvaleukin alfa, which is currently in potential registration-enabling studies in two tumor types. In addition to the submission of the draft Form 10 registration statement, Alkermes continues to make progress on other elements of the planned separation and will disclose further details regarding Oncology Co. at a future date.
Completion of the planned separation is subject to various customary conditions, including final approval of the Board. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
To support the separation, Alkermes has retained Morgan Stanley and BofA Securities as financial advisers, and Goodwin Procter LLP and Arthur Cox as its legal counsel.