(Boursier.com) — Pherecydes Pharma announces that the shareholders of Pherecydes Pharma (Pherecydes) andErytech Pharma (Erytech) have approved the merger between the two companies on the basis of a exchange parity of 4 Pherecydes shares for 15 Erytech shares.
During Erytech’s Combined General Meeting, the company’s shareholders voted in favor of the merger with Pherecydes and gave full powers to Erytech’s Board of Directors for the purpose of confirming the definitive completion of the merger.
Erytech shareholders also approved the change of Erytech’s corporate name to Phaxiam Therapeutics.
During the Combined General Meeting of Pherecydes held on June 23, after the Combined General Meeting of Erytech, all the resolutions supported by the Board of Directors of Pherecydes were approved, including those relating to the approval of the financial statements for the financial year ended December 31, 2022 of Pherecydes and those relating to the Merger with Erytech.
The Board of Directors of Erytech met after the Combined General Meeting of Pherecydes and noted the completion of the merger. This takes effect on May 23, and entails the dissolution without liquidation of Pherecydes. It is specified that the merger is, for accounting and tax purposes, retroactive to January 1, 2023.
Creation of Phaxiam Therapeutics
These approvals make it possible to create Phaxiam Therapeutics, a world leader in phage therapy, to respond to major issues of public health and European sovereignty.
Quotation of Pherecydes shares was suspended at the close of stock markets on Friday, June 23, and these will be delisted at the end of the trading day of June 28.
The new Phaxiam Therapeutics shares resulting from the merger will be admitted to trading on compartment C of Euronext Paris under the ISIN code FR0011471135, on June 29. The settlement-delivery of the new shares of Phaxiam Therapeutics will take place on July 3.
In the event that the number of Phaxiam Therapeutics shares to which a Pherecydes shareholder is entitled does not correspond to a whole number of Phaxiam Therapeutics shares, the shareholder will receive the immediately lower number of shares, completed for the entire balance, a cash balance resulting from the price at which the Phaxiam Therapeutics shares corresponding to the fractional shares will have been sold by the financial intermediaries, within thirty days from the latest of the registration dates, to the account of the shareholders of Pherecydes, of the number of Phaxiam Therapeutics shares granted.