Biotie applies for delisting of its shares from Nasdaq Helsinki
Biotie Therapies Corp. 's Board of Directors has decided to apply for the delisting of its shares in Nasdaq Helsinki. Biotie was established and operated in Turku, but is owned by Acorda Therapeutics Inc. nowadays.
Biotie Therapies Corp.'s Board of Directors has decided to apply for the termination of public trading in Biotie shares and for the delisting of all the Biotie shares from the official list of Nasdaq Helsinki Ltd.
Acorda Therapeutics, Inc. owns approximately 96.8 percent of all the shares and votes in Biotie (excluding the treasury shares held by Biotie). Acorda has initiated redemption proceedings in accordance with Chapter 18 of the Finnish Companies Act in order to redeem all the remaining Biotie shares held by the minority shareholders.
Provided that the Arbitral Tribunal appointed for the redemption proceedings confirms that Acorda's redemption right is clear, Acorda is entitled to gain title to all the Biotie shares against the placing of security approved by the Arbitral Tribunal for the payment of the redemption price.
Biotie has submitted a delisting application to Nasdaq Helsinki. In the application, Biotie requests that the quotation of the Biotie shares on the official list of Nasdaq Helsinki be terminated as soon as possible upon Acorda having gained title to all the shares in Biotie in the redemption proceedings.