**CASI Pharmaceuticals Inc. Receives Acquisition Proposal from CEO Wei-Wu He**
CASI Pharmaceuticals Inc. (CASI) has announced the receipt of a preliminary, non-binding proposal dated June 21, 2024, from its Chairman and Chief Executive Officer, Wei-Wu He. The proposal entails the acquisition of the company's entire business operations in China and all associated license-in, distribution, and related rights across Asia, excluding Japan. This includes all pipeline products such as EVOMELA, FOLOTYN, CNCT19, BI-1206, CB-5339, CID-103, and Thiotepa, for an aggregate purchase price of $40.0 million. Notably, this offer price includes the assumption of up to $20.0 million of the company's existing indebtedness.
On Wednesday, CASI's stock closed at $3.58, a decline of $0.04 or 1.24% during regular trading hours. However, the stock surged by $2.28 or 63.73% in after-hours trading.
CASI's Board and the Special Committee have issued a caution to shareholders and potential investors, noting that no definitive decisions have been made regarding the Proposed Transaction or any alternative strategic options the company may consider.
Additionally, CASI Pharmaceuticals has outlined its plans to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for CID-103 by the end of 2024. This application targets the treatment of antibody-mediated rejection in kidney transplant recipients.
CID-103 is a fully human IgG1 anti-CD38 monoclonal antibody. It recognizes a unique epitope and has demonstrated an encouraging efficacy and safety profile in preclinical studies compared to other anti-CD38 monoclonal antibodies.
