BRIEF—Quince Therapeutics soars on news of takeover bid

US biotech Quince Therapeutics saw its shares close up a massive 71% at $1.44 yesterday, after the company confirmed that it has received an unsolicited takeover bid from Echo Lake Capital.

Echo is offering to buy the company at $1.60 per share, a premium of 90% to Quince’s closing stock price on Monday.

Quince’s board of directors, consistent with its fiduciary responsibilities, will carefully review and evaluate the proposal to determine the course of action it believes is in the best interests of the company and its stockholders.

Quince, formerly known as Cortexyme, said that stockholders need not take any action at this time.

Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases.

The company said it   is actively seeking compelling clinical-stage assets available for in-licensing and acquisition to expand its development pipeline.