- Offer is at $2.50 per share, or 60% premium to yesterday's closing price
- The offer consists of $1.55 in cash per share and $1.00 in shares of Biomed Industries, Inc.
SAN JOSE, CA / ACCESSWIRE / May 3, 2023 / Earlier today Biomed Industries, Inc. issued a letter to the Board of Directors of Quince Therapeutics, Inc. (NASDAQ:QNCX).
The letter described a proposal to acquire all the company's common stock for $2.50 pershare in cash and stock of Biomed Industries, Inc.
A full copy of the letter can be found below:
CONTACT:
Michael Willis
Vice President of Biomed Industries, Inc.
[email protected]
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 | Biomed Industries, Inc. |
May 3, 2023
To:
Quince Therapeutics
601 Gateway Boulevard, Suite 1250
South San Francisco, California 94080
The Board of Directors
David Lamond
Dirk Thye
June Bray
Margaret McLoughlin
Una Ryan
Christopher Senner
Dear Sir/Madame:
Biomed Industries, Inc. is pleased to submit this proposal (the "Proposal") as a tender offer to acquire all the outstanding Common Stock of Quince Therapeutics, Inc. ("Quince" or the "Company") we do not own for a price of $2.50 per share in cash and stock of Biomed Industries, Inc. ("Biomed").
- Our Proposal is $2.50 per share, or 60% premium to yesterday's closing price at $1.56 per share
- The offer consists of $1.56 in cash per share and $1.00 in shares of Biomed Industries, Inc.
Below is a brief summary of benefits of which a merger of Quince Therapeutics, Inc. and Biomed Industries, Inc. would add significant value for each of our respective businesses and shareholders:
- Biomed's Phase 2B and Phase 3 drug candidates for the treatment of Alzheimer's disease valued at approximately $600 million will increase the share price of the combined enterprise.
- A pathway to continue development of Quince's current pipeline and to save considerable time and cost in recruiting and managing ongoing clinical trials of Quince's drugs though Biomed's AI platform.
We believe our offer is very compelling as it provides Quince' shareholders with a highly certain and significant return and the ability to obtain liquidity for their shares, as well as the upside potential of Biomed.
We can complete customary diligence and negotiate definitive documentation within 60 days.
We believe our Proposal is in the best interests of Quince's shareholders as it offers your shareholders a significantly more attractive risk/reward scenario than the Board's current plan.
Please be aware that this Proposal is an expression of interest only, and we reserve the right to withdraw or modify our Proposal in any manner. No legal obligation with respect to a transaction shall arise unless and until execution of mutually acceptable definitive documentation.
Should you have any questions, please do not hesitate to contact us.
We look forward to hearing from you.
Sincerely,
Lloyd L. Tran
Chairman and CEO
About Biomed Industries, Inc.:
Biomed Industries, Inc.™ is a bio-pharmaceutical company committed to the development and commercialization of new drug therapeutics for unmet needs.
Biomed Industries, Inc. is the parent company of Biomed Pharmaceuticals, Inc., NeuroActiva, Inc. and BiomedAI, Inc., Biomed Green LLC, Biomed Digital LLC. and MedAware Systems, Inc. Biomed's team has discovered a new family of drugs for the treatment and prevention of Alzheimer's disease.
For more information, please contact
Michael Willis
Vice President of Business Development
Biomed Industries, Inc.
[email protected]
https://www.biomedind.com
SOURCE: Biomed Industries, Inc.