Atreca, Inc. Engages in Strategic Asset Sale to Immunome, Inc.
Atreca, Inc., a biotechnology entity renowned for its innovative approach to therapeutic development, has announced a definitive asset purchase agreement with Immunome, Inc. The transaction encompasses the sale of a suite of antibody-related assets and materials, positioning the firm to receive a total consideration of up to $12.5 million. This figure is comprised of an initial payment of $5.5 million, with the prospect of an additional $7.0 million tied to the achievement of certain clinical development milestones.
The company’s leadership, spearheaded by President and Chief Executive Officer John Orwin, has conveyed a positive outlook on the future applications of Atreca’s tumor-targeting antibodies, such as APN-497444, in oncology. The value of these assets has been acknowledged by Immunome, reflecting a shared vision for the potential impact on cancer treatment. The consummation of this agreement is contingent upon the approval of Atreca’s stockholders, who collectively hold a majority of the company’s Class A common stock. A forthcoming stockholder vote, facilitated through proxy solicitation, is anticipated to not only affirm the asset sale but also to endorse a comprehensive plan of dissolution.
The proposed plan of dissolution delineates the methodical liquidation of remaining assets, the resolution or provision for all outstanding obligations, and the allocation of any residual proceeds to stockholders. The board of directors of Atreca is dedicated to ensuring that any funds available post-transaction are distributed to stockholders with due efficiency, adhering to all legal stipulations.
The forward-looking statements regarding the asset sale and subsequent dissolution activities are inherently subject to a variety of risks and uncertainties. These include, but are not limited to, the successful completion of the asset sale, the realization of clinical development milestones that condition part of the cash consideration, and the effective implementation of the plan of dissolution.
Several factors may influence the successful execution of the asset sale and subsequent dissolution, such as transaction-related costs, the settlement or reservation for other liabilities in connection with the asset sale, and the liquidation and dissolution processes of the company. The exact sum and timing of any distributions to stockholders, as well as the influence of costs and other liabilities on the assets available for distribution, are variables that could impact the final outcome.
Atreca, Inc. has embarked on a decisive course of action by forging an asset purchase agreement with Immunome, Inc. This move signifies a key juncture in journey, potentially facilitating the advancement of oncology therapeutics. As the company proceeds with its plan of dissolution, it remains committed to responsibly managing its obligations and ensuring that the interests of its stakeholders are upheld. The legacy of Atreca’s pioneering work in tumor-targeting antibodies is poised to be carried forward by Immunome, with the medical community awaiting further developments in clinical applications.
Source link
