The CSL Limited (ASX: CSL) share price will be one to watch on Friday.
This follows the release of an update after the market close yesterday.
What did CSL announce?
Yesterday evening, CSL provided the market with an update on its proposed acquisition of Vifor Pharma.
CSL is currently in the process of acquiring the Swiss biotech giant for US$12.3 billion (A$17.2 billion) in cash. Management expects the deal to expand its leadership across an attractive portfolio focused on renal disease and iron deficiency.
It also highlights that Vifor has a high quality pipeline and complements CSL's existing therapeutic focus areas. These include Haematology, Thrombosis, Cardiovascular, and Transplant.
Why is the CSL share price on watch today?
The CSL share price could be one to watch today after it revealed that 74% of Vifor shares have been tendered as part of its public tender offer.
While this is short of its original 80% target, the company has decided to waive this acceptance rate condition and thus declare the offer successful.
The company commented: "CSL welcomes the strong support it has received from Vifor shareholders for the acquisition and now plans to waive the original 80% acceptance rate condition and to declare the offer successful. Following this, a tender period for subsequent acceptance of the offer will commence on 9 March 2022 and run through until 22 March 2022."
What now?
This development means that the transaction is on track to complete as planned, pending the satisfaction of the remaining conditions.
It explained: "CSL further advises that the regulatory approval process for the acquisition is on track and CSL remains confident that the remaining conditions will be satisfied and the transaction completed by mid-2022, as previously indicated."
