KKR to Acquire Corbus Pharmaceuticals for $335M
Ticker: CRBP · Form: 8-K · Filed: Sep 3, 2024 · CIK: 1595097
Sentiment: bullish
Topics: acquisition, merger, private-equity
Related Tickers: KKR
TL;DR
KKR buying Corbus for $3.50/share cash, deal expected Q4 2024.
AI Summary
Corbus Pharmaceuticals Holdings, Inc. announced on August 29, 2024, that it has entered into a definitive agreement to be acquired by a subsidiary of KKR & Co. Inc. The transaction is valued at approximately $335 million, with Corbus shareholders expected to receive $3.50 per share in cash. This acquisition is anticipated to close in the fourth quarter of 2024, subject to customary closing conditions.
Why It Matters
This acquisition by KKR signifies a significant financial event for Corbus Pharmaceuticals, potentially leading to delisting and a cash payout for its shareholders.
Risk Assessment
Risk Level: medium — The acquisition is subject to closing conditions, and there's always a risk of deal termination or changes in terms.
Key Numbers
- $335M — Transaction Value (Total amount KKR is paying for Corbus Pharmaceuticals.)
- $3.50 — Price Per Share (Cash amount Corbus shareholders will receive for each share.)
- Q4 2024 — Expected Closing (Anticipated timeframe for the acquisition to be finalized.)
Key Players & Entities
- Corbus Pharmaceuticals Holdings, Inc. (company) — Company being acquired
- KKR & Co. Inc. (company) — Acquiring company
- $335 million (dollar_amount) — Total transaction value
- $3.50 per share (dollar_amount) — Price per share for Corbus shareholders
- August 29, 2024 (date) — Date of definitive agreement
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the total value of the acquisition agreement between Corbus Pharmaceuticals and KKR?
The definitive agreement values Corbus Pharmaceuticals at approximately $335 million.
How much will Corbus Pharmaceuticals shareholders receive per share in the acquisition?
Corbus Pharmaceuticals shareholders are expected to receive $3.50 per share in cash.
When is the acquisition of Corbus Pharmaceuticals by KKR expected to close?
The transaction is anticipated to close in the fourth quarter of 2024.
Who is acquiring Corbus Pharmaceuticals Holdings, Inc.?
Corbus Pharmaceuticals Holdings, Inc. is being acquired by a subsidiary of KKR & Co. Inc.
What is the filing date for this 8-K report?
This 8-K report was filed on September 3, 2024, reporting events as of August 29, 2024.
Filing Stats: 448 words · 2 min read · ~1 pages · Grade level 11.4 · Accepted 2024-09-03 16:52:29
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share CRBP The Nasdaq Capital M
Filing Documents
- crbp-20240829.htm (8-K) — 38KB
- 0000950170-24-102878.txt ( ) — 156KB
- crbp-20240829.xsd (EX-101.SCH) — 31KB
- crbp-20240829_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events On August 29, 2024, John Jenkins M.D., a member of the board of directors of Corbus Pharmaceuticals Holdings, Inc. (the "Company"), adopted a Rule 10b5-1 plan providing for the sale of up to 5,436 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"). Pursuant to this plan, Dr. Jenkins may sell shares of Common Stock beginning on November 30, 2024, subject to the terms of the agreement, and the plan terminates on November 29, 2025. The trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Corbus Pharmaceuticals Holdings, Inc. Date: September 3, 2024 By: /s/ Yuval Cohen Name: Yuval Cohen Title: Chief Executive Officer