Shareholders of a Bermuda-domiciled biopharmaceutical company that is proposing to change its place of incorporation to the United Kingdom are to vote on the matter at a virtual meeting scheduled for June 5.

Kiniksa Pharmaceuticals Ltd has cited Bermuda’s decision to introduce a corporate income tax as among its reasons for seeking the move.

Now, it has proposed a scheme of arrangement under which the company would redomicile to the UK.

A directions hearing in the Supreme Court of Bermuda on Friday set the date for the shareholders’ meeting as well as settling a variety of other matters, including the meeting chairman’s obligation to author a report about it.

Larry Mussenden, the Chief Justice, granted an Order on the terms proposed by Christian Luthi of law firm Conyers, who represented the company at the hearing.

Under Bermuda law, a scheme of arrangement must be approved by a company’s shareholders, and also requires the approval of the Supreme Court.

The House of Assembly passed the Corporate Income Tax Act 2023 in December.

The legislation, which largely comes into effect on January 1, 2025, will apply to Bermuda businesses that are part of multinational enterprise groups with an annual revenue of €750 million (about $800 million) or more.