Jaguar Health Adopts Limited Duration Stockholder Rights Plan to Ensure Stockholders Can Realize Long-Term Value
Jaguar Health (NASDAQ:JAGX) has implemented a duration stockholder rights plan following an acquisition interest. The plan aims to protect stockholder value by requiring potential acquirers to negotiate directly with the Board for purchases exceeding 20% of voting power.
The company anticipates key milestones in Q2 2025, including:
- First results from proof-of-concept trials of crofelemer for short bowel syndrome and microvillus inclusion disease
- FDA meeting regarding statistically significant Phase 3 OnTarget trial results for crofelemer in breast cancer patients
The Rights Plan includes a dividend of one preferred share purchase right for each common and non-voting share, exercisable at $4.50 if triggered. The plan has a one-year term and includes stockholder protections such as Board flexibility to consider full-value offers.
Jaguar Health (NASDAQ:JAGX) ha implementato un piano di diritti per gli azionisti in seguito a un interesse per un'acquisizione. Il piano mira a proteggere il valore degli azionisti richiedendo ai potenziali acquirenti di negoziare direttamente con il Consiglio per acquisti superiori al 20% del potere di voto.
L'azienda prevede traguardi chiave nel secondo trimestre del 2025, tra cui:
- Primi risultati dai trial di prova di concetto di crofelemer per la sindrome dell'intestino corto e la malattia da inclusione microvillosa
- Incontro con la FDA riguardo ai risultati statisticamente significativi del trial di Fase 3 OnTarget per crofelemer nei pazienti con cancro al seno
Il Piano dei Diritti include un dividendo di un diritto di acquisto di azioni privilegiate per ogni azione comune e non votante, esercitabile a $4,50 se attivato. Il piano ha una durata di un anno e include protezioni per gli azionisti come la flessibilità del Consiglio di considerare offerte a valore pieno.
Jaguar Health (NASDAQ:JAGX) ha implementado un plan de derechos de los accionistas tras un interés de adquisición. El plan tiene como objetivo proteger el valor de los accionistas al requerir que los posibles adquirentes negocien directamente con la Junta para compras que superen el 20% del poder de voto.
La empresa anticipa hitos clave en el segundo trimestre de 2025, incluyendo:
- Primeros resultados de ensayos de prueba de concepto de crofelemer para el síndrome del intestino corto y la enfermedad de inclusión microvellositaria
- Reunión con la FDA sobre los resultados estadísticamente significativos del ensayo de Fase 3 OnTarget para crofelemer en pacientes con cáncer de mama
El Plan de Derechos incluye un dividendo de un derecho de compra de acciones preferentes por cada acción común y no votante, que se puede ejercer a $4.50 si se activa. El plan tiene una duración de un año e incluye protecciones para los accionistas, como la flexibilidad de la Junta para considerar ofertas a valor completo.
재규어 헬스 (NASDAQ:JAGX)는 인수 관심에 따라 주주 권리 계획을 시행했습니다. 이 계획은 잠재적 인수자가 투표권의 20%를 초과하는 구매에 대해 이사회와 직접 협상하도록 요구함으로써 주주 가치를 보호하는 것을 목표로 합니다.
회사는 2025년 2분기에 다음과 같은 주요 이정표를 예상하고 있습니다:
- 짧은 장 증후군 및 미세융모 포함 질환에 대한 크로페레머의 개념 증명 시험의 첫 번째 결과
- 유방암 환자를 위한 크로페레머의 3상 OnTarget 시험 결과에 대한 FDA 회의
권리 계획에는 각 보통 및 비투표 주식에 대해 하나의 우선주 구매 권리가 포함되어 있으며, 발동될 경우 $4.50에 행사할 수 있습니다. 이 계획은 1년의 기간을 가지며, 주주 보호를 위해 이사회가 전체 가치 제안을 고려할 수 있는 유연성을 포함하고 있습니다.
Jaguar Health (NASDAQ:JAGX) a mis en œuvre un plan de droits des actionnaires suite à un intérêt d'acquisition. Le plan vise à protéger la valeur des actionnaires en exigeant que les acquéreurs potentiels négocient directement avec le Conseil pour des achats dépassant 20% du pouvoir de vote.
L'entreprise anticipe des jalons clés au deuxième trimestre 2025, notamment :
- Premiers résultats des essais de preuve de concept de crofelemer pour le syndrome de l'intestin court et la maladie d'inclusion microvillositaire
- Réunion avec la FDA concernant les résultats statistiquement significatifs de l'essai de Phase 3 OnTarget pour le crofelemer chez les patientes atteintes de cancer du sein
Le Plan de Droits comprend un dividende d'un droit d'achat d'actions privilégiées pour chaque action ordinaire et non votante, exerçable à 4,50 $ si déclenché. Le plan a une durée d'un an et comprend des protections pour les actionnaires, telles que la flexibilité du Conseil pour considérer des offres à valeur totale.
Jaguar Health (NASDAQ:JAGX) hat einen Plan für Aktionärsrechte nach einem Übernahmeinteresse implementiert. Der Plan zielt darauf ab, den Wert der Aktionäre zu schützen, indem potenzielle Erwerber verpflichtet werden, direkt mit dem Vorstand über Käufe zu verhandeln, die 20% der Stimmrechte überschreiten.
Das Unternehmen erwartet im zweiten Quartal 2025 wichtige Meilensteine, darunter:
- Erste Ergebnisse aus Machbarkeitsstudien von Crofelemer bei Kurzschlussdarmsyndrom und Mikrovillus-Inklusionskrankheit
- FDA-Meeting zu statistisch signifikanten Ergebnissen der Phase-3-OnTarget-Studie zu Crofelemer bei Brustkrebspatientinnen
Der Rechteplan umfasst eine Dividende von einem Kaufrecht für Vorzugsaktien für jede Stamm- und nicht stimmberechtigte Aktie, die bei Auslösung zu $4,50 ausgeübt werden kann. Der Plan hat eine Laufzeit von einem Jahr und beinhaltet Schutzmaßnahmen für Aktionäre, wie die Flexibilität des Vorstands, Angebote zum vollen Wert in Betracht zu ziehen.
- Received acquisition interest indicating potential buyout opportunity
- Statistically significant Phase 3 trial results for breast cancer application
- Multiple near-term catalysts expected in Q2 2025
- Potential early patient access in EU for rare disease treatments
- Experiencing significant stock price dislocation
- Implementation of rights plan may deter potential acquirers
- Additional clinical trial results pending throughout 2025
Insights
Jaguar Health's adoption of a stockholder rights plan ('poison pill') comes at a critical juncture for this microcap biotech. Despite a market valuation of just
The timing of this defensive measure is particularly strategic, implemented just before multiple potential value-inflection points expected in Q2 2025. These catalysts include:
- Results from proof-of-concept trials for crofelemer in rare gastrointestinal disorders (SBS-IF and MVID)
- FDA meeting regarding statistically significant Phase 3 results in breast cancer patients with therapy-related diarrhea
What makes these upcoming milestones particularly valuable is the regulatory pathway advantage they might unlock. Positive results from even a small number of MVID patients could potentially qualify crofelemer for the EMA's PRIME designation, which accelerates review and approval timelines. Additionally, under certain EU country guidelines, published clinical data could support reimbursed early patient access before full approval - creating potential revenue streams while larger trials continue.
The rights plan's mechanics are designed to prevent opportunistic acquisition before these value-creating events. If triggered, it allows existing shareholders to purchase additional shares at a
For investors, this creates a fascinating risk/reward scenario. The board is essentially betting that upcoming clinical results will drive valuation well beyond any current acquisition offer. However, if clinical results disappoint, the company would likely face significant pressure to reconsider acquisition offers, particularly given its cash position typical of microcap biotechs.
Jaguar Health's implementation of a stockholder rights plan highlights the potential disconnect between the company's
Crofelemer represents a unique pharmaceutical asset with significant advantages for the targeted indications:
- It's a plant-derived anti-secretory agent with a novel mechanism that normalizes intestinal chloride ion and fluid secretion
- It acts locally in the intestine with minimal systemic absorption, offering an exceptional safety profile critical for chronic use
- It has established manufacturing processes and prior FDA approval (for HIV-related diarrhea), reducing development risk
The upcoming Q2 2025 proof-of-concept results in MVID and SBS-IF target devastating rare gastrointestinal disorders with profound unmet needs. MVID patients typically require total parenteral nutrition (TPN) from birth and face life-threatening complications, while SBS-IF patients struggle with severe malabsorption and electrolyte imbalances. Even modest improvements in fluid absorption could significantly impact quality of life and reduce TPN dependence.
The EU early access programs mentioned could be particularly valuable, as they allow reimbursed use based on preliminary efficacy data while development continues - potentially generating revenue years before traditional approval pathways.
For cancer therapy-related diarrhea, the statistically significant Phase 3 results in breast cancer patients represent a substantial commercial opportunity. Approximately
The rights plan suggests management anticipates these upcoming catalysts could substantially revalue the company, making it a potential acquisition target at current distressed valuation levels.
Jaguar expects first results in Q2 2025 of proof-of-concept investigator-initiated trials of crofelemer for the rare diseases short bowel syndrome with intestinal failure and microvillus inclusion disease
FDA meeting expected in Q2 2025 on the statistically significant results of the Phase 3 OnTarget trial of crofelemer in the prespecified subgroup of patients with breast cancer
Jaguar has received an indication of interest to acquire the Company
SAN FRANCISCO, CA / ACCESS Newswire / February 27, 2025 / Jaguar Health, Inc. (NASDAQ:JAGX) ("Jaguar" or the "Company") today announced that its Board of Directors (the "Board") has adopted a limited duration stockholder rights plan (the "Rights Plan").
"Jaguar, which, like many other biotechnology companies, continues to experience a significant and ongoing dislocation in the trading price of its common stock, has received an indication of interest to acquire the Company. Our Board intends the Rights Plan to give Jaguar stockholders more time to realize the long-term value of their investment by discouraging significant open-market accumulation of the Company's shares without appropriately compensating all the Company's stockholders for control," said Lisa Conte, Jaguar's president and CEO.
The Rights Plan is not intended to prevent or interfere with any action with respect to the Company that the Board determines to be in the best interests of the Company and its stockholders. Instead, it will position the Board to fulfill its fiduciary duties on behalf of all stockholders by ensuring that the Board has sufficient time to make informed judgments about any attempts to acquire the Company. The Rights Plan will encourage anyone seeking to acquire the Company or gain a significant interest in the Company to negotiate directly with the Board.
"Jaguar has multiple expected near-term catalysts. The Company is supporting three proof-of-concept (POC) investigator-initiated trials (IIT), and conducting two Phase 2 studies, of crofelemer, our novel plant-based anti-secretory prescription drug, for the rare diseases short bowel syndrome with intestinal failure (SBS-IF) and/or microvillus inclusion disease (MVID) in the US, European Union, and/or Middle East/North Africa regions. The first POC IIT results are expected to be available in the second quarter of 2025, with additional POC IIT results expected throughout 2025. In accordance with the guidelines of specific EU countries, published data from clinical investigations in MVID and SBS-IF could support reimbursed early patient access to crofelemer for these debilitating conditions," Conte said. "Additionally, the Company expects that, if even just a very small number of MVID patients show benefit with the extremely safe profile of crofelemer, this may potentially allow approval in the US for crofelemer for MVID and qualify crofelemer for participation in PRIME for this indication. PRIME is a European Medicines Agency (EMA) program providing enhanced interaction and early dialogue with developers of promising medicines that target an unmet medical need, with the goal of optimizing development plans and speeding up evaluation so the medicine can reach patients earlier."
Jaguar also remains focused on development of crofelemer for cancer therapy-related diarrhea (CTD). As announced, the analysis of the prespecified subgroup of adult patients with breast cancer from the Company's recently conducted Phase 3 prophylactic OnTarget clinical trial for diarrhea in adult patients with solid tumors receiving targeted therapy with or without standard chemotherapy indicate that crofelemer achieved statistically significant results in this subgroup. These results were the subject of a December 11, 2024 poster presentation at the San Antonio Breast Cancer Symposium. The Company will request a meeting with the FDA to discuss the results of OnTarget in breast cancer patients and potential pathways to bring crofelemer to this patient population as efficiently as possible, and expects the meeting to take place in the second quarter of 2025.
Further, the terms of the Rights Plan provide many recognized stockholder protections, including the following:
The rights will be exercisable only if an entity, person or group acquires beneficial ownership of
20% or more of the total voting power of the aggregate of all shares of the Company's Voting Stock (as defined below) then outstanding in a transaction not approved by the Board;The Rights Plan does not contain any dead-hand, slow-hand, no-hand or similar features that would limit the ability of a future board of directors to redeem the rights; and
The Rights Plan does not preclude the Board from considering an offer that recognizes the full value of the Company.
Pursuant to the Rights Plan, the Company will issue a dividend of (i) one preferred share purchase right (a "Class A Right") for each share of common stock and (ii) one preferred stock purchase right (a "Class B Right" and together with the Class A Rights, the "Rights") for each share of non-voting common stock outstanding as of the close of business on March 10, 2025. While the Rights Plan is effective immediately, the Rights generally would become exercisable only if an entity, person or group acquires beneficial ownership of
If the Rights become exercisable, each holder of a Class A Right or Class B Right (other than the acquiring entity, person or group) will have the right to purchase from the Company for
The Rights Plan has a term of one year and may expire earlier upon the occurrence of certain specified events.
Further details about the Rights Plan will be contained in a Current Report on Form 8-K and in a Registration Statement on Form 8-A that the Company will file with the U.S. Securities and Exchange Commission.
About the Jaguar Health Family of Companies
Jaguar Health, Inc. (Jaguar) is a commercial stage pharmaceuticals company focused on developing novel proprietary prescription medicines sustainably derived from plants from rainforest areas for people and animals with gastrointestinal distress, specifically associated with overactive bowel, which includes symptoms such as chronic debilitating diarrhea, urgency, bowel incontinence, and cramping pain. Jaguar family company Napo Pharmaceuticals (Napo) focuses on developing and commercializing human prescription pharmaceuticals for essential supportive care and management of neglected gastrointestinal symptoms across multiple complicated disease states. Napo's crofelemer is FDA-approved under the brand name Mytesi® for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar family company Napo Therapeutics is an Italian corporation Jaguar established in Milan, Italy in 2021 focused on expanding crofelemer access in Europe and specifically for orphan and/or rare diseases. Jaguar Animal Health is a Jaguar tradename. Magdalena Biosciences, a joint venture formed by Jaguar and Filament Health Corp. that emerged from Jaguar's Entheogen Therapeutics Initiative (ETI), is focused on developing novel prescription medicines derived from plants for mental health indications.
For more information about:
Jaguar Health, visit https://jaguar.health
Napo Pharmaceuticals, visit www.napopharma.com
Napo Therapeutics, visit napotherapeutics.com
Magdalena Biosciences, visit magdalenabiosciences.com
Visit the Make Cancer Less Shitty patient advocacy program on Bluesky, X, Facebook & Instagram
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements." These include statements regarding Jaguar's expectation that the first POC IIT results may be available in Q2 2025 for crofelemer for SBS-IF and MVID, Jaguar's expectation that, in accordance with the guidelines of specific EU countries, published data from clinical investigations in MVID and SBS-IF could support reimbursed early patient access to crofelemer for these debilitating conditions, Jaguar's expectation that, if even just a very small number of MVID patients show benefit with crofelemer, this may potentially allow approval in the United States for crofelemer for MVID and qualify crofelemer for participation in PRIME for this indication, Jaguar's expectation that the Company will request a meeting with the FDA to discuss the results of the OnTarget study in breast cancer patients and potential pathways to bring crofelemer to this patient population as efficiently as possible, Jaguar's expectation that a meeting with the FDA will take place in Q2 2025, and Jaguar's expectation that the Rights Plan will give Jaguar stockholders more time to realize the long-term value of their investment by discouraging significant open-market accumulation of the Company's shares without appropriately compensating all the Company's stockholders for control. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. Jaguar has based these forward-looking statements largely on its current expectations and projections about future events. These forward-looking statements speak only as of the date of this release and are subject to several risks, uncertainties, and assumptions, some of which cannot be predicted or quantified and some of which are beyond Jaguar's control. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
CONTACT:
hello@jaguar.health
Jaguar-JAGX
SOURCE: Jaguar Health, Inc.
View the original press release on ACCESS Newswire
FAQ
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