Biogen announces effectiveness of Bioverativ Form 10 registration statement
Biogen announced that the U.S. Securities and Exchange Commission has declared effective the Registration Statement on Form 10 filed by Bioverativ Inc. Biogen expects to complete the separation of Bioverativ into an independent, global biotechnology company focused on hemophilia and other rare blood disorders on February 1, 2017. Biogen's board of directors approved the planned separation of Biogen and Bioverativ on December 20, 2016, and declared a special dividend distribution of one share of Bioverativ common stock for every two shares of Biogen common stock held as of the close of business on January 17, 2017, the record date for the distribution. Shareholders will receive cash in lieu of fractional shares. The special dividend distribution is expected to be paid on February 1, 2017. There is no current market for Bioverativ common stock. NASDAQ has approved the listing of Bioverativ common stock on the NASDAQ Global Select Market under the symbol "BIVV." NASDAQ has advised that Bioverativ common stock will begin trading on a "when-issued" basis under the symbol "BIVV WI" on January 12, 2017. Additionally, Biogen expects that starting on January 12, 2017, common stock of Biogen will trade on the NASDAQ Global Select Market in two markets: "regular-way" under the symbol "BIIB" and in the "ex-distribution" market under the symbol "BIIB WI." Shares of Biogen common stock trading under "BIIB" will carry the right to receive shares of Bioverativ common stock, if held as of the close of business on January 17, 2017. Shares of Biogen common stock trading under "BIIB WI" will not carry the right to receive shares of Bioverativ as part of the special dividend distribution. If shares of Biogen common stock are sold in the "regular-way" market after January 17, 2017 but before the distribution date, the shareholder is selling the right to receive shares of Bioverativ common stock with respect to such Biogen shares as part of the distribution. Biogen shareholders are encouraged to consult with their financial advisors regarding the specific consequences of selling Biogen common stock on or before that date. Following the distribution, regular-way trading will commence on NASDAQ for Bioverativ under the symbol "BIVV" and will continue for Biogen under the symbol "BIIB." Following the separation, Bioverativ will be a global biotechnology company dedicated to advancing the research, development and commercialization of innovative therapies to address areas of serious unmet need for people with hemophilia and other rare blood disorders.