Atea Pharmaceuticals’ Board of Directors Unanimously Rejects Unsolicited Proposal from Tang Capital Partners’ Affiliate, Concentra Biosciences
May 30 2023 - 7:00AM
Atea Pharmaceuticals, Inc. (Nasdaq: AVIR) (“Atea”), a
clinical-stage biopharmaceutical company engaged in the discovery
and development of oral antiviral therapeutics for serious viral
diseases, today 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.
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. 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
Quarterly Report on Form 10-Q for the quarterly period ended March
31, 2023 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
Relations212-362-1200will.oconnor@sternir.com
Jamie Moser / Eric Brielmann / Tanner Kaufman Joele Frank,
Wilkinson Brimmer Katcher212-355-4449
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