On September 2, 2021 Voluntis (Euronext Growth Paris, Ticker: ALVTX – ISIN: FR0004183960), a leader in digital therapeutics, and its reference shareholders (Bpifrance Participations, LBO France Gestion, Debiopharm Innovation Fund, SHAM Innovation Santé, Vesalius Biocapital and Indigo) reported that following the signature of a share purchase agreement with AptarGroup, Inc. (NYSE: ATR) ("Aptar") on July 22, 2021 and the approval of the French Ministry of Economy under the foreign investment clearance regulations, Aptar has completed the acquisition of a majority stake in Voluntis from the company’s reference shareholders and certain members of the management, representing approximately 64.6% of the share capital of Voluntis (on a non-diluted basis), at a price of €8.70 per share (Press release, Debiopharm, SEP 2, 2021, View Source [SID1234587255]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
In accordance with applicable regulation, Aptar will launch a mandatory cash tender offer to acquire Voluntis’ remaining shares for the same price of €8.70 per share (the "Tender Offer"). The Tender Offer is intended to be filed with the French Markets Authority (the "AMF") in September 2021 and will be subject to the regulatory clearance from the AMF.
If the regulatory conditions are met upon completion of the Tender Offer, Aptar intends to implement a squeeze-out on the remaining outstanding shares of Voluntis. Voluntis’ board of directors (the "Board"), upon the recommendation of its ad hoc committee and in accordance with applicable regulation, appointed Advolis Orfis as independent expert on July 5, 2021, and will issue, notably on the basis of the independent expert’s report opining on the financial terms of the Tender Offer and potential subsequent squeeze-out, a reasoned opinion on the Tender Offer and its consequences on Voluntis, its shareholders and employees.
The independent expert’s report and the Board’s opinion will be included in the draft response offer document that will be prepared by Voluntis in the context of the Tender Offer and submitted to the AMF, which will assess its compliance with applicable regulation.
On September 2, 2021, following resignation of the selling shareholders’ representatives on the Voluntis Board, namely Laurent Higueret (representative of Bpifrance Participations) and Franck Noiret (representative of LBO France Gestion), Gael Touya and Patrick Jeukenne, Aptar’s representatives, have been appointed to replace them in the Board.
The Board has also appointed M. Sai Shankar as deputy CEO of Voluntis, and the current management of Voluntis is otherwise expected to remain the same following the completion of the Tender Offer.
In addition, Voluntis announces that it has fully repaid in advance the bond loan subscribed with Kreos for an amount of € 0.75 million