Cubist Pharmaceuticals Inc. said Monday that it has completed its acquisition of fellow drugmaker Adolor Corp. for about $221 million.
Lexington, Mass.-based Cubist said it bought all of Exton, Pa.-based Adolor's outstanding shares for $4.25 per share in cash. Adolor shareholders will also receive up to an additional $4.50 per share if certain milestones are met in the development of a potential treatment for chronic, opioid-induced constipation, Cubist said.
Effective Monday, Adolor common stock ceased trading on the Nasdaq stock exchange.
Cubist's most recent tender offer for Adolor shares expired on Friday. At that time, about 43.3 million shares had been validly tendered, representing about 83 percent of Adolor's outstanding shares. All of those shares were accepted for payment, the company said.
Under the terms of the acquisition, a Cubist subsidiary exercised its option to buy newly issued shares from Adolor for $4.76 per share. After that purchase, the subsidiary owned enough shares to acquire Adolor, the company said.
In morning trading, Cubist shares fell 66 cents to $37.13.