Aptevo Therapeutics drops after investment fund withdraws buyout bid

Aptevo Therapeutics

21/06/2021 17:35

** Shares of biotechnology co  APVO.O  drop 15.5% to $23.1
    ** Investment fund Tang Capital Partners LP (TCP) withdraws
buyout bid made in 2020, according to a regulatory filing (https://bit.ly/35Nqmxn)
    ** In November, TCP submitted a bid letter to APVO's board,
offering to acquire co's remaining common stock that it does not
own for $50 per share in cash  urn:newsml:reuters.com:*:nL4N2I52WH
    ** In a letter to APVO board of directors, TCP said "since
the company is unwilling to enter into a confidentiality
agreement without a standstill provision, we hereby withdraw our
acquisition proposal"
    ** Stock down about 37% YTD

 (Reporting by Mrinalika Roy in Bengaluru)
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