Aptevo Confirms Receipt of Unsolicited Indication of Interest
Aptevo Therapeutics Inc. (NASDAQ:APVO) announced an unsolicited non-binding offer from Tang Capital Partners, LP to acquire all outstanding shares of Aptevo not already owned for $50.00 per share. The Board of Directors will evaluate this proposal while fulfilling their fiduciary duties. They caution that no decisions have been made and that there are no guarantees of an accepted definitive offer. Shareholders do not need to act at this time. Aptevo is a biotechnology company focused on developing immuno-oncology therapeutics using its ADAPTIR™ technology.
- Tang Capital Partners, LP expressed interest in acquiring Aptevo for $50.00 per share, indicating potential shareholder value enhancement.
- The unsolicited nature of the offer may indicate underlying concerns about Aptevo's business performance or market position.
- No assurance of an accepted offer raises uncertainty among investors.
SEATTLE, WA / ACCESSWIRE / November 19, 2020 / Aptevo Therapeutics Inc. ("Aptevo") (NASDAQ:APVO), a biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ bispecific technology platform, today announced that it has received an unsolicited non-binding indication of interest from Tang Capital Partners, LP expressing its interest in acquiring all of the outstanding shares of Aptevo that it does not already own for
Aptevo's Board of Directors is committed to acting in the best interests of all stockholders. Consistent with its fiduciary duties and responsibilities, Aptevo's Board of Directors will, in consultation with its financial and legal advisors, carefully evaluate and consider this indication of interest in due course in the context of Aptevo's strategic plans, and its ongoing review of a broad range of opportunities to enhance stockholder value through strategic, financial and operational measures. Aptevo's stockholders do not need to take any action at this time.
Aptevo cautions its stockholders and others considering trading in its securities that it has just received Tang Capital's unsolicited indication of interest and no decisions have been made by the Board of Directors with respect to Aptevo's response to the indication of interest. There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.
Aptevo does not intend to comment further on this unsolicited indication of interest until its Board of Directors has completed its review of the indication of interest and will communicate further with Aptevo's stockholders in accordance with applicable law.
Morgan, Lewis & Bockius LLP is serving as Aptevo's legal advisor.
About Aptevo Therapeutics Inc.
Aptevo Therapeutics Inc. is a clinical-stage biotechnology company focused on developing novel immunotherapies for the treatment of cancer. Aptevo's lead clinical candidate, APVO436, and preclinical candidates, ALG.APV-527 and APVO603, were developed based on Aptevo's versatile and robust ADAPTIR™ modular protein technology platform. The ADAPTIR™ platform is capable of generating highly differentiated bispecific antibodies with unique mechanisms of action for the treatment of different types of cancer. For more information, please visit www.aptevotherapeutics.com
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to the Board of Directors' evaluation of the unsolicited non-binding indication of interest received from Tang Capital Partners, LP. Such statements are identified by use of the words "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "should," and similar expressions. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, those relating to the Board of Directors' evaluation of the unsolicited non-binding indication of interest received from Tang Capital Partners, LP, and other risk factors discussed from time to time in Aptevo's filings with the SEC, including in its most recent Annual Report on Form 10-K, as filed on March 25, 2020 and its subsequent reports on Form 10-Q and current reports on Form 8-K. The foregoing sets forth many, but not all, of the factors that could cause actual results to differ from Aptevo's expectations in any forward-looking statement. Aptevo assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today's date.
CONTACT:
Elif McDonald
Senior Director, Investor Relations and Corporate Communications
Phone: 206.859.6616
E-mail: IR@apvo.com
SOURCE: Aptevo Therapeutics Inc.
View source version on accesswire.com:
https://www.accesswire.com/617632/Aptevo-Confirms-Receipt-of-Unsolicited-Indication-of-Interest
FAQ
What is the unsolicited offer from Tang Capital Partners to Aptevo (APVO)?
What is Aptevo's response to the acquisition interest from Tang Capital Partners?
Should Aptevo shareholders take actions regarding the acquisition offer?
Is there a guarantee that the acquisition offer for Aptevo will proceed?
What does the acquisition offer mean for Aptevo's stockholders?
