Atea's board rejects unsolicited cash offer from Tang Capital's Concentra
A week after confirming Tang Capital’s Concentra Biosciences proposed to buy Atea Pharmaceuticals, the Boston biotech said its board has rejected the unsolicited offer, which they said “fundamentally undervalues Atea.”
The antiviral biotech, which has struggled to cross the finish line in Covid-19 and has reworked its priorities in recent quarters, said its board “unanimously concluded” the Concentra proposal was “not in the best interests of Atea or its shareholders.” The board worked with outside financial and legal advisors to look at Concentra’s $5.75 per share cash proposal, which also came with rights to 80% of net proceeds from the acquirer’s sale or licensing of Atea’s assets.
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