Af­ter set­ting up poi­son pill, Quince Ther­a­peu­tics board gives flat-out re­jec­tion to un­so­licit­ed buy­er

In a terse state­ment Tues­day morn­ing, Quince Ther­a­peu­tics said its board “unan­i­mous­ly re­ject­ed” the un­so­licit­ed pro­pos­al from Echo Lake Cap­i­tal and said it “un­der­val­ues the com­pa­ny.”

The board last week put in place a stock plan meant to de­fend against an un­so­licit­ed takeover, hop­ing a so-called poi­son pill would stop share­hold­ers, not in the board’s fa­vor, from buy­ing up large chunks of stock. Echo Lake had of­fered up $1.60 per share to buy the biotech’s stock be­cause the in­vest­ment group felt Quince was let­ting down in­vestors and trad­ing be­low the val­ue of its as­sets.

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