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Would that not just drop off the SP? When is the cut off normally for a special dividend to be received to be on the shareholder register?
Absolutely, a special dividend. They have cash to 2026 excluding the share payment and excluding the milestones - so would expect a good chunk of the 300 to be paid out.
I’d be looking for 60-90p a share , conservatively.
Much more if bms want to buy out the royalities.
Hopefully a special dividend, that should light a rocket under the share price, maybe....
More share buybacks would be a disappointment.
Won't be long before proceeds are with Puretech and they will announce the capital distribution. Anyone have a preference for this?
That’s big news and soon, doubled up here now
Karuna now moved pre market to buyout price of $330 following the HSR waiting period. Close of deal cited as early as next Monday (18th).
https://seekingalpha.com/news/4079400-karuna-therapeutics-gains-as-hsr-waiting-period-for-bristol-myers-deal-expires
Lesley50, age is irrelevant except if you (me too) do not hold a p/f balanced to meet your needs. Take a look at its overall profile
1. The proposal to adopt the Merger Agreement, pursuant to which, subject to the terms and conditions set forth therein, Merger Sub will be merged with and into Karuna, the separate corporate existence of Merger Sub will cease, and Karuna will survive the merger as a wholly owned subsidiary of Parent (the “merger”):
Votes For
Votes Against
Abstentions
Broker Non-Votes
30,954,183
1,430
1,336
0
2. The proposal to approve, on a non-binding, advisory basis, certain compensation that will or may be paid by Karuna to its named executive officers that is based on or otherwise relates to the merger:
Votes For
Votes Against
Abstentions
Broker Non-Votes
25,312,364
5,523,004
121,581
0
3. In connection with the Karuna Special Meeting, the board of directors of Karuna also solicited proxies with respect to the proposal to adjourn the Karuna Special Meeting from time to time, if necessary or appropriate, as determined in good faith by the board of directors of Karuna, including for the purpose of soliciting additional votes for the approval of the proposal to adopt the Merger Agreement if there are insufficient votes at the time of the Karuna Special Meeting to approve the proposal to adopt the Merger Agreement (the “adjournment proposal”). The adjournment proposal was not submitted to Karuna stockholders for approval at the Karuna Special Meeting because a quorum of stockholders entitled to vote at the Karuna Special Meeting was present or represented by proxy and the Karuna stockholders approved the proposal to adopt the Merger Agreement.
Assuming timely satisfaction of necessary closing conditions, the parties to the Merger Agreement expect the merger to close during the first half of 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 12, 2024
Karuna Therapeutics, Inc.
(Exact name of Registrant as Specified in Its Charter)
Delaware
001-38958
27-0605902
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
99 High Street, Floor 26
Boston, Massachusetts
02110
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code: 857 449-2244
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common stock, par value $0.0001
KRTX
Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.07
Submission of Matters to a Vote of Security Holders.
On March 12, 2024, Karuna Therapeutics, Inc., a Delaware corporation (“Karuna”) held a special meeting of stockholders (the “Karuna Special Meeting”) at which holders of Karuna’s common stock, par value $0.0001 per share, approved each of the proposals voted on at the Karuna Special Meeting relating to the transactions contemplated by the Agreement and Plan of Merger, dated as of December 22, 2023 (as it may be amended from time to time, the “Merger Agreement”), by and among Karuna, Bristol-Myers Squibb Company, a Delaware corporation (“Parent”), and Miramar Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”). Of the 38,119,463 shares of Karuna’s common stock issued and outstanding at the close of business on January 26, 2024, the record da
Old
I have checked the Bristol meyers Squibb site
Nor a mention that the deal went through???
Can anyone find a definite acceptance that the Karuna deal has gone through ??
I might have mentioned this before but in my opinion investors see Puretech as risky as yes early results are positive but a long way off coming to market.Unfortunately i invested at just about £4 a mistake now i believe so in for the long haul which at my age is very very unfortunate
Doff
I have been investing in the Stock Markets for nearly 50 years and nothing surprises me anymore.
However Puretech come close as , despite excellent news, the share price never reacts the way you think
It should .
The share price is not much higher than it was in 2015 despite the major progress made in a number of its wholly-owned drug portfolio, the enormous amount
of cash generated from its founded entity ,Karuna including a further cash bonanza of $325m on completion of the BMS takeover plus $400m due from Royalty Pharma plus further royalties , milestone payments and sub Licensing fees.
Add in its own cash of c$300m, Vedanta, Seaport , Gallop etc etc and no wonder investors are mystified by the SP.
None of the major shareholders are selling otherwise we would get a TR-1 Form and the free float is miniscule after the recent $50m buyback.
No wonder I am befuddled and confused.
Sometimes it's better to travel than arrive. A comment from the company would surely help.
Are you ok budddy 😂😂
MARKETS
PRTC
+0.19%
RTTNews-Logo
PureTech Health Gets FDA's Orphan Drug Designation For LYT-200 In Acute Myeloid Leukemia
March 13, 2024 — 07:55 am EDT
Written by RTTNews.com for RTTNews ->
The official RNS of the orphan news.
https://www.lse.co.uk/rns/PRTC/fda-grants-prtcs-lyt-200-orphan-drug-designation-cdyug9org18y374.html
Oldbutnowisa - You share the same perplexion at the share price as everyone else on this board. Cash = MC and then you have milestone and royalty payments and all of the other asset in the portfolio.
...might do the job for us?
Huge amount of cash coming from this deal. Why is the SP asleep?
Correct Dallo no chance of a suspension to avoid a disorderly market.
Oldernowiser
I suspect the market will not get too excited as the odds of Karuna shareholders not approving the BMS takeover were very small
Hopefully some positive reaction though with the uncertainty now gone.
I would be delighted with a 10% uplift in the morning.
Exactly as I predicted.
Let's see what the markets think in the morning
ATB
Just checked the Bristol Myers Squibb website and its all there. Would not be surprised if we are suspended on opening tomorrow to avoid a disorderly market.
Price to double in short order - and still be cheap!!