U.S. biotech Quince Therapeutics has received an unsolicited offer to acquire the company from New York investment firm Echo Lake Capital.
Quince, formerly known as Cortexyme, confirmed the takeover bid in a brief press statement. The offer valued Quince at $1.6 per share, for a total of $58.8 million.
In its January business update, the California-based company, which focuses on rare disease, said it is actively seeking partnership opportunities focused around clinical-stage assets. The company recently sold it legacy small molecule protease inhibitor portfolio to Lighthouse Pharmaceuticals. Quince said it plans to out-license its bone-targeting drug platform and precision bone growth molecule, NOV004, designed for accelerated fracture repair in patients with bone fractures and osteogenesis imperfecta.
In regards to the takeover bid, Quince said its board of directors will review and evaluate the proposal to determine the best course of action for the company and its stockholders.
