Corcept Therapeutics Announces Waiver of Terms of its Common Share Purchase Offer | News
MENLO PARK, Calif., December 15, 2021 (GLOBE NEWSWIRE) – Corcept Therapeutics Incorporated (NASDAQ: CORT) (“Corcept”), a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic and oncological diseases and psychiatric disorders by modulating the effects of cortisol, today announced an update to its offer to purchase up to 10,000,000 common shares at a price of not more than $ 23.75 and less than $ 20. , $ 75 per share closing at one minute after 11:59 p.m. New York time on December 15, 2021 (the “Takeover Offer”).
The board of directors of Corcept determined that it was advisable to proceed with the takeover bid despite the recent fluctuations in the price of Corcept’s shares and therefore refused to exercise the option of Corcept, such as set out in the tender offer, to terminate the tender offer due to changes in the price of the Company’s shares.
The Tender Offer is subject to other terms and conditions, which are described in detail in the Tender Offer. With the exception of the waiver of the share price condition set out above, the terms and conditions of the Tender Offer remain the same.
None of Corcept, the members of its board of directors, the dealer manager, the financial advisor, the information agent or the depositary of the Public Offer makes any recommendation as to the participation or not of a shareholder. to the Public Offer or as to the purchase price or purchase price at which shareholders can choose to tender their shares.
The sole managing broker of the Public Offer is Truist Securities, Inc. DF King serves as information agent for the Public Offer and Continental Stock Transfer & Trust Company acts as depositary. Canaccord Genuity LLC is acting as financial advisor. If you have any questions regarding the take-over bid, please contact the Information Agent, DF King & Co., Inc. at [email protected] or call toll-free at 1 (800) 431-9646, or call the dealer’s manager, Truist Securities, Inc. at 1 (404) 926-5832.
About Corcept Therapeutics
Corcept is a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncological and psychiatric disorders by modulating the effects of the hormone cortisol. Korlym® was the first drug approved by the United States Food and Drug Administration for patients with Cushing’s syndrome. Corcept has discovered a large portfolio of proprietary compounds that selectively modulate the effects of cortisol. The company has extensive intellectual property in the United States and abroad covering the makeup of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders.
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