Opiant Pharmaceuticals Announces Expiration Of Hart-Scott-Rodino Waiting Period For Proposed Acquisition By Indivior PLC

Author: Happy Mohamed | February 06, 2023 09:10am

Opiant Pharmaceuticals Inc. (NASDAQ:OPNT) announced today the expiration of the waiting period under the United States (U.S.) Hart-Scott-Rodino Act of 1976, as amended (HSR Act), with respect to the previously announced agreement for Opiant to be acquired by Indivior PLC (LSE: INDV).
 

The waiting period expired on February 2, 2023, without any action taken by the Federal Trade Commission (FTC). The HSR Act is a key U.S. antitrust statute that enables the FTC and Department of Justice (DOJ) to review proposed merger transactions by requiring the parties to observe a waiting period before closing their transaction.

Completion of the transaction is subject to the satisfaction of the remaining customary closing conditions, including approval by Opiant stockholders and the receipt of remaining applicable regulatory approvals. Indivior and Opiant continue to anticipate completing the merger agreement in the first quarter of 2023.

Reminder to Opiant Stockholders

Stockholders are reminded:

• Opiant has filed a definitive proxy statement with the Securities and Exchange Commission (SEC) and established January 4, 2023, as the record date for voting in connection with the merger agreement (Agreement). The proxy statement is available at www.sec.gov.
• Under the terms of the Agreement, Indivior will acquire all the outstanding shares of Opiant for upfront consideration of $20.00 per share in cash at closing, plus contingent value rights (CVRs) representing potential additional payments of up to $8.00 per share. 
• A special meeting of Opiant's stockholders to approve the acquisition will be held on March 1, 2023, at 9:00 AM, Pacific Time, and can be accessed by visiting http://web.lumiagm.com/254970090. The meeting will be held in a virtual format only and will be accessible through the Internet in order to permit our stockholders to participate from any geographic location with Internet connectivity.
• All stockholders of Opiant are strongly encouraged to read the definitive proxy statement carefully and in its entirety before voting, and to vote as soon as possible in advance of the special meeting.
  • The Opiant Board of Directors unanimously recommends that stockholders vote "FOR" the approval and adoption of the Agreement and the approval of the acquisition.

Posted In: OPNT