Investors OrbiMed and Foresite say they're looking at taking Kinnate private, following pipeline and staff cuts
Kinnate Biopharma’s stock $KNTE soared 59% on Wednesday afternoon after the California drug developer disclosed that two large shareholders have expressed interest in a take-private deal.
OrbiMed and Foresite — which own about 29% and 17% of Kinnate’s outstanding common shares, respectively — wrote to the board on Monday expressing an “intent to explore and evaluate a potential acquisition of all of the outstanding shares of common stock” of the San Francisco-based biotech, per an SEC filing.
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