Atea Pharmaceuticals Confirms Receipt of Unsolicited Proposal from Tang Capital Partners’ Affiliate, Concentra Biosciences
May 23 2023 - 4:05PM
Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (“Atea”) confirmed that
it has received an unsolicited proposal from Tang Capital, 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 (“CVR”) representing the right to receive
80% of the net proceeds payable from any license or disposition of
Atea’s programs.
Atea’s Board of Directors and management team regularly review
opportunities to generate shareholder value and are committed to
acting in the best interests of all shareholders.
Consistent with its fiduciary duties, Atea’s Board of Directors,
in consultation with its independent financial and legal advisors,
will carefully review and evaluate the proposal from Tang Capital
Partners’ affiliate, Concentra Biosciences.
Atea’s shareholders are advised to take no action at this
time.
About Atea Pharmaceuticals
Atea is a clinical stage biopharmaceutical company focused on
discovering, developing and commercializing oral therapies to
address the unmet medical needs of patients with serious viral
infections. Leveraging the Company’s deep understanding of
antiviral drug development, nucleos(t)ide chemistry, biology,
biochemistry and virology, Atea is developing novel product
candidates to treat single stranded ribonucleic acid, or ssRNA,
viruses, which are a prevalent cause of serious viral diseases.
Atea plans to continue to build its pipeline of antiviral product
candidates through using its internal discovery capabilities
augmented by in-licensing. Currently, Atea is focused on the
development of orally-available antiviral agents for serious viral
infections, including severe acute respiratory syndrome coronavirus
2 (SARS-CoV-2), the virus that causes COVID-19, and hepatitis C
virus (HCV). For more information, please visit
www.ateapharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding the timing of Atea’s earnings call for the quarter ended
March 31, 2023. These statements are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements, including, but not limited to the
important factors discussed under the caption “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2022 and
our other filings with the SEC. Any such forward-looking statements
represent management’s estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
Contacts
Jonae BarnesSVP, Investor Relations and Corporate
Communications617-818-2985Barnes.jonae@ateapharma.com
Will O’ConnorStern Investor Relations
212-362-1200will.oconnor@sternir.com
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