Quince Ther­a­peu­tics sets up poi­son pill with 'an­ti-takeover ef­fect­s' af­ter in­vestor buy­out bid

Quince Ther­a­peu­tics’ board has put in place a stock plan to de­fend it against an un­so­licit­ed takeover, the com­pa­ny an­nounced Wednes­day.

Known as a poi­son pill, the plan es­sen­tial­ly stops any share­hold­er not fa­vored by the board from ac­quir­ing a large per­cent­age of the com­pa­ny’s stock. Quince is fac­ing an un­so­licit­ed bid from Echo Lake Cap­i­tal to ac­quire all the biotech’s stock for $1.60 per share, valu­ing the com­pa­ny at $58 mil­lion. Echo Lake said Quince has “his­tor­i­cal­ly dis­ap­point­ed in­vestors and cur­rent­ly lacks cred­i­bil­i­ty in the in­vest­ment com­mu­ni­ty.”

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER