Shearman & Sterling represented invoX Pharma Limited (invoX) in connection with invoX’s commencement of a tender offer to acquire all of the issued and outstanding shares of common stock (Shares) of F-star Therapeutics (F-star) for a price of $7.12 per share in cash, in a transaction valued at approximately $161 million.
Completion of the Offer will be subject to satisfaction of customary closing conditions, including that the Shares validly tendered by F-star’s stockholders (and not validly withdrawn prior to the expiration of the Offer) represent at least one share more than 50% of all Shares outstanding as of the consummation of the Offer (as calculated in accordance with the Agreement) and that the parties obtain regulatory approvals in the United States and United Kingdom.
The transaction is expected to close in the second half of 2022.
invoX was incorporated in March 2021 and is a wholly owned subsidiary of Sino Biopharmaceutical Limited (Sino), a global top 40 pharmaceutical company with more than 24,000 employees. United Kingdom-based invoX is Sino’s international expansion platform, focusing on R&D and business development activities outside of China, with a core focus on oncology and respiratory therapeutics.
F-star is a clinical-stage biopharmaceutical company pioneering bispecifics in immunotherapy so more people with cancer can live longer and improved lives. F-star has attracted multiple partnerships with biopharma targeting significant unmet needs across several disease areas, including oncology, immunology, and CNS.
The team below also included associtaes Jake Shaughnessy (NY-MA), Jessica Gorski (NY-MA), Jacquelyn Watson (NY-CGE), Christina Simpson (TO-FG), Eric Dunbar (NY-MA), and summer associates Zach Engel and Noah Hummel-Hall.