The merger between Open Orphan PLC (LON:ORPH) and AIM-listed peer hVIVO PLC (LON:HVO) is going ahead after sufficient shareholder approval has been received. 

So far, the deal, where hVIVO shareholders will receive 2.47 Open Orphan shares for every hVIVO share they own, has gained acceptance over 86.9% of the hVIVO shares.

READ: Open Orphan and hVIVO to merge

As a result, the Open Orphan board has lowered the acceptance condition to 75%, meaning that the acceptance condition has been satisfied and the offer has become unconditional as to acceptances.

Cathal Friel, chief executive of Open Orphan said: “We are pleased with the strong level of acceptances which reinforces our view that this is a good deal for the shareholders of both companies. 

“The merger will allow the combined business to maximise shareholder value as we seek to build a larger-scale, profitable, specialist pharma services business.”