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Kinnate Biopharma Inc's (NASDAQ:KNTE) board of directors received a letter from Foresite Capital Management and OrbiMed Advisors indicating their intent to explore and evaluate a potential acquisition of the company.
In its SEC filing, the company said the board would consider any proposal that Foresite and OrbiMed present per the board's fiduciary duties, and with the same care and attention, it would consider other similar proposals if received by the company.
In September, Kinnate Biopharma prioritized the exarafenib combination, KIN-8741, and discovery efforts around its CDK4 selective program. Kinnate also implemented a corporate restructuring by reducing the company's workforce by approximately 70%. It expects to have 28 remaining full-time employees.
Kinnate Biopharma is a clinical-stage precision oncology company focused on developing cancer-targeted therapies.
As of September 30, 2023, total cash, cash equivalents, and investments were $180.3 million, which is expected to fund current operations into at least the second quarter of 2026.
Price Action: KNTE shares are up 45.60% at $2.29 on the last check Wednesday.
Posted In: KNTE
