Roche completes tender offer for Memory Pharmaceuticals

By Lisa Kerner

Charlotte, N.C., Jan. 2 - Roche subsidiary 900 North Point Acquisition Corp. accepted for payment all shares validly tendered and not withdrawn in Roche's $0.61-per-share cash tender offer for Memory Pharmaceuticals Corp.

According to Roche, about 73,169,195 shares, or 89%, of Memory's outstanding shares were tendered, including 890,630 shares tendered by guaranteed delivery.

Roche said it expects to complete its acquisition of the Montvale, N.J., biopharmaceutical company through a second-step merger that doesn't require approval by Memory shareholders.

In November, Swiss pharmaceutical giant Roche announced it would acquire Memory in an all-cash deal valued at about $50 million.

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