Atea Pharmaceuticals’ Board of Directors Unanimously Rejects Unsolicited Proposal from Tang Capital Partners’ Affiliate, Concentra Bioscience
Atea Pharmaceuticals, Inc. a clinical-stage biopharmaceutical company engaged in the discovery and development of oral antiviral therapeutics for serious viral diseases, has announced that its Board of Directors unanimously rejected the unsolicited proposal from Tang Capital Partners, LP on behalf of Concentra Biosciences, LLC to acquire all outstanding common shares of Atea for $5.75 per share in cash, plus a contingent value right representing the right to receive 80% of the net proceeds payable from any license or disposition of Atea’s programs (the “Proposal”)
After careful review and consideration with its independent financial and legal advisors, the Atea Board of Directors unanimously concluded that the Proposal fundamentally undervalues the Company and is not in the best interests of Atea or its shareholders.
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