BRIEF—Quince Therapeutics reject Echo Lake takeover bid

Shares of US biotech Quince Therapeutics were down 5% at $1.44 in early trading today, after it announced that its board of directors has unanimously rejected the unsolicited proposal it received from Echo Lake Capital to acquire Quince for $1.60 per share in cash.

Following careful review and evaluation, the Quince board concluded that Echo Lake Capital’s proposal undervalues the company and is not in the best interest of Quince and its shareholders.

Quince, which earlier this month unanimously approved the adoption of a limited duration stockholder rights plan (the “Rights Plan”), says it is actively seeking compelling clinical-stage assets available for in-licensing and acquisition to expand its development pipeline.

The Rights Plan will reduce the likelihood that any entity, person, or group gains control of Quince through open market accumulation without paying all stockholders an appropriate control premium or without providing the board sufficient time to make informed judgments and take actions that are in the best interests of stockholders.