Quince Ther­a­peu­tics faces takeover bid from share­hold­er Echo Lake Cap­i­tal

A bid to take over the biotech Quince Ther­a­peu­tics has been put for­ward by one of its share­hold­ers.

On Tues­day, Echo Lake Cap­i­tal sent a let­ter to Quince’s board of di­rec­tors putting forth a pro­pos­al to ac­quire all the biotech’s stock for $1.60 per share, which would val­ue a takeover at around $58 mil­lion.

In the let­ter, Echo Lake said that it be­lieves Quince’s stock is se­vere­ly un­der­val­ued and that no drugs are be­ing ac­tive­ly mar­ket­ed or de­vel­oped that re­quire cash ex­pen­di­tures. It’s trad­ing be­low the val­ue of its as­sets, Echo Lake said.

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