Aptevo Therapeutics: Surges on buyout bid from Tang Capital Partners LP

Aptevo Therapeutics

19/11/2020 11:57

** Drug developer's shares  APVO.O  surge 39.2% to $49.25
premarket, stock set for more than two-year high
    ** Investment fund Tang Capital Partners LP (TCP) on
Wednesday 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; Offer values APVO at $240 mln   urn:newsml:reuters.com:*:nFWN2I40XV
    ** TCP's offer price represents a premium of 20.3% to APVO's
closing price on Tuesday
    ** Tang Capital Management LLC, which manages TCP, owns
42.46% of APVO, or more than 1.76 mln shares, according to
Refinitiv IBES data
    ** APVO did not immediately respond to a Reuters request for
comment
    ** Up to Wednesday's close, stock has more than doubled this
year

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))