biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ bispecific technology platform, today announced that it has received an unsolicited non-binding indication of interest from Tang Capital Partners, LP expressing its interest in acquiring all of the outstanding shares of Aptevo that it does not already own for $50.00 per share in cash.
Aptevo's Board of Directors is committed to acting in the best interests of all stockholders. Consistent with its fiduciary duties and responsibilities, Aptevo's Board of Directors will, in consultation with its financial and legal advisors, carefully evaluate and consider this indication of interest in due course in the context of Aptevo's strategic plans, and its ongoing review of a broad range of opportunities to enhance stockholder value through strategic, financial and operational measures. Aptevo's stockholders do not need to take any action at this time.
Aptevo cautions its stockholders and others considering trading in its securities that it has just received Tang Capital's unsolicited indication of interest and no decisions have been made by the Board of Directors with respect to Aptevo's response to the indication of interest. There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.
Aptevo does not intend to comment further on this unsolicited indication of interest until its Board of Directors has completed its review of the indication of interest and will communicate further with Aptevo's stockholders in accordance with applicable law.
Morgan, Lewis & Bockius LLP is serving as Aptevo's legal advisor.