Tanox approves $919M Genentech merger

Biotechnology firm Tanox says that its stockholders have voted in favor of its $919.0 million merger deal with USA-based biotechnology giant Genentech.

Tanox added that investors holding approximately 34.2 million shares of its common stock, representing 75.5% of its share capital, had approved the deal which will see them receive $20.00 in cash for every unit held. The company added that the price represents a premium of around 47% over the last trading day prior to the announcement, and 51% over its average share price for the previous 90 days. The transaction is expected to close in the first quarter of the year.