AstraZeneca PLC (LSE:AZN) entered into an agreement to acquire Icosavax, Inc. (NasdaqGS:ICVX) for $760 million on December 11, 2023. Icosavax stockholders to receive $15 per share in cash at closing plus non-tradeable contingent value right of up to $5 per share in cash, payable upon achievement of specified regulatory and net sales milestones. The closing of the tender offer is subject to certain conditions, including the tender of shares representing at least a majority of the total number of Icosavax?s outstanding shares, and other customary closing conditions and regulatory clearances.

Upon the successful completion of the tender offer, a subsidiary of AstraZeneca will be merged with and into Icosavax and any remaining shares of common stock of Icosavax will be cancelled and converted into the right to receive the same consideration (including the contingent value right) per share payable in the tender offer. Subject to the satisfaction of the conditions in the merger agreement, the acquisition is expected to close in the first quarter of 2024. Latham & Watkins LLP acted as legal and Centerview Partners LLC acted as financial advisor to Icosavax.