They are merging with a Canadian company, Paladin and then they can re-incorporate in Ireland. The deal is possible if less than 80% of the "new" company is owned by US shareholders (the Canadian holders will control about 22% of the equity). Stock up 26%. Advantage is that Ireland has significantly lower tax rate. So, this opens up the potential companies that SNTS can make a deal with to wind up incorporating in Ireland (without actually having to merge with an Irish company as long as the final new company has less than 80% of US investors).
i own JAZZ pharma and it is an Irish pharma and I have long expected someone to buy them so they could be an Irelnad corporation, as Jazz is trading at a low PE and has a good cash flow and product line.