Xenon Pharmaceuticals Confirms Closing of Transaction with Teva and Announces Preferred Share Exchange Agreement with BVF Partners L.P.

Xenon Pharmaceuticals (Nasdaq:XENE), a clinical stage biopharmaceutical company, reported the closing of the previously announced transaction with Teva Pharmaceuticals International GmbH, along with Teva Canada, to terminate by mutual agreement the collaborative development and license agreement dated December 7, 2012, as amended.

As quoted in the press release:

Dr. Simon Pimstone, Xenon’s Chief Executive Officer stated, “We are pleased to close the previously announced Teva transaction, which is accretive to all of Xenon’s shareholders. We also announced today an agreement with Biotechnology Value Fund, or BVF, Xenon’s largest shareholder, to exchange a number of common shares for Series 1 preferred shares, allowing BVF to maintain a common share position that stays below a threshold of less than 20% of all Xenon common shares outstanding following the Teva transaction. BVF is our largest shareholder and has been consistently supportive of our growth and strategic direction. Following the conversion to preferred shares, BVF now has greater flexibility with respect to their ownership position, including the opportunity to increase their common share position in Xenon.”

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