NOVATO, Calif., Oct. 02, 2017 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) (“Ultragenyx” or
the “Company”), a biopharmaceutical company focused on the development of novel products for rare and ultra-rare diseases, today
commented on the determination by the Dimension Therapeutics, Inc. (NASDAQ:DMTX) (“Dimension”) Board of Directors that Ultragenyx’s
most recent offer to acquire Dimension for $6.00 per share is a “Superior Proposal” as defined in its merger agreement with
REGENXBIO Inc. (traded on NASDAQ under RGNX), and that REGENXBIO has subsequently waived its option to negotiate a possible
amendment of its merger agreement to match or exceed the Ultragenyx offer. The Company noted:
We are pleased that the Dimension Board of Directors has determined that our all-cash offer to acquire Dimension for $6.00 per
share is a Superior Proposal. We look forward to completing this transaction as quickly as possible for the benefit of both
Dimension’s and Ultragenyx’s stockholders.
We believe that Ultragenyx’s scientific, clinical, regulatory, and commercial skills will help Dimension’s talented team
accelerate the process of bringing important new therapies to market for patients with rare genetic diseases. We believe
Ultragenyx and our product candidates are highly complementary to Dimension’s, giving us confidence that we could combine our two
companies quickly and seamlessly.
Ultragenyx has offered to acquire all of the outstanding shares of common stock of Dimension for $6.00 per share, or
approximately $151 million in cash based on currently outstanding shares, to be effectuated via a tender offer. Ultragenyx has
sufficient cash resources to fund this transaction with cash currently on its balance sheet, and the offer is not subject to any
financing condition.
Centerview Partners LLC is serving as financial advisor to Ultragenyx, and Skadden, Arps, Slate, Meagher & Flom LLP is serving
as Ultragenyx’s legal advisor.
About Ultragenyx Pharmaceutical Inc.
Ultragenyx is a biopharmaceutical company committed to bringing to market novel products for the treatment of rare and ultra-rare
diseases, with a focus on serious, debilitating genetic diseases. The Company has rapidly built and advanced a diverse portfolio of
product candidates with the potential to address diseases for which the unmet medical need is high, the biology for treatment is
clear, and for which there are no approved therapies.
The Company is led by a management team experienced in the development and commercialization of rare disease therapeutics.
Ultragenyx’s strategy is predicated upon time and cost-efficient drug development, with the goal of delivering safe and effective
therapies to patients with the utmost urgency.
For more information on Ultragenyx, please visit the Company’s website at www.ultragenyx.com.
Forward Looking Statements / Additional Information
Except for the historical information contained herein, the matters set forth in this communication, including
statements of anticipated changes in the business environment in which Ultragenyx operates and in Ultragenyx’s future prospects or
results, statements relating to Ultragenyx’s intentions, plans, hopes, beliefs, anticipations, expectations or predictions of its
future, or statements relating to Ultragenyx’s offer and the potential benefits of a transaction with Dimension, are forward-looking
statements. Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development
programs, future results, performance or achievements to differ significantly from those expressed or implied by the
forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the clinical drug
development process, such as the regulatory approval process, the timing of our regulatory filings and other matters that could
affect sufficiency of existing cash, cash equivalents and short-term investments to fund operations and the availability or
commercial potential of our drug candidates. There is no assurance that the potential transaction will be consummated, and it is
important to note that actual results could differ materially from those projected in such forward-looking statements. Ultragenyx
undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks
relating to the business of Ultragenyx in general, see Ultragenyx's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission (the “SEC”) on July 28, 2017, and its subsequent periodic reports filed with the SEC.
The tender offer referred to in this communication (an “Offer”) has not yet commenced. Accordingly, this
communication is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell
any shares of Dimension common stock or any other securities. On the commencement date of any Offer, a tender offer statement on
Schedule TO, including an offer to purchase, a letter of transmittal and related materials, will be filed with the SEC by
Ultragenyx and a wholly owned subsidiary. The offer to purchase shares of Dimension common stock will only be made pursuant
to the offer to purchase, letter of transmittal and related materials filed with the SEC by Ultragenyx as part of its Schedule TO.
Investors and security holders are urged to read both the tender offer statement and any solicitation/recommendation statement
filed by Dimension regarding the Offer, as they may be amended from time to time, when they become available, because they will
contain important information about the Offer, including its terms and conditions, and should be read carefully before any decision
is made with respect to the Offer. Investors and security holders may obtain free copies of these statements (when available) and
other materials filed with the SEC at the website maintained by the SEC at www.sec.gov, or by directing requests for such materials
to the information agent for the Offer, which will be named in the tender offer statement.
Contacts
Investor Relations:
Ryan Martins
415-483-8257
Media Relations:
Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Trevor Gibbons / Leigh Parrish
212-355-4449