Atea down after rejecting Concentra's buyout offer

Atea Pharmaceuticals

30/05/2023 14:58

** Shares of drug developer Atea Pharmaceuticals Inc
 AVIR.O  down 6.2% at $4.39 in early trade
    ** Co says board of directors unanimously rejected buyout
proposal from Concentra Biosciences
    ** Says the proposal undervalues co
    ** AVIR's shares had risen 37% on receiving buyout offer
from Concentra last week; financial terms of the offer were not
disclosed
    ** Concentra Biosciences is an affiliate of investment firm
Tang Capital Partners; Tang Capital owns 3.6% of AVIR
    ** AVIR's stock down 4.4% YTD

 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))