A consortium of investors completed the acquisition of SciClone Pharmaceuticals Inc. through Silver Biotech Investment Ltd.
The consortium consists of entities affiliated with GL Capital Management GP Ltd., Bank of China Group Investment Ltd., CDH Investments, Ascendent Capital Partners and Boying.
SciClone ceased to be a publicly traded company on the Nasdaq Global Select Market and became a subsidiary of Silver Biotech after the completion of the deal.
The specialty pharmaceutical company's SciClone's stockholders approved the merger in September, clearing the way for the company to be taken private.
Each outstanding common share of SciClone has been canceled in exchange for the right to receive $11.18 per share in cash, except for certain shares.
Lazard Frères & Co. LLC acted as the financial adviser to SciClone, and DLA Piper LLP served as the company's legal adviser.
Morgan Stanley & Co. LLC served as financial adviser to the consortium, while Skadden Arps Slate Meagher & Flom LLP acted as legal adviser.