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news.Shareholders in Canadian influenza vaccine specialist ID Biomedical have voted to approve the proposed $1.4 billion acquisition of the company by GlaxoSmithKline, moving the deal one step closer to completion.
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The transaction was approved by 84.8% of the votes cast by all securityholders, and 82.4% of votes cast by minority common shareholders.
In addition, 82.8% of the votes cast by shareholders were voted to approve an amendment to ID Biomedical’s existing shareholder rights plan which was required in order to facilitate the completion of the proposed transaction.
Completion of the proposed transaction remains subject to a number of conditions, including receipt of certain regulatory approvals and approval of the British Columbia Supreme Court.
An application for court approval is scheduled to be heard by the British Columbia Supreme Court on November 18, 2005. ID Biomedical continues to expect the transaction to be completed by late 2005 or early 2006.
The companies initially announced the deal in September 2005.