XBiotech Inc. started a tender offer to buy up to $420 million of its common shares at a price of between $30 and $33 apiece.
The Austin, Texas-based biopharmaceutical company said the offer will provide the company's shareholders the opportunity to obtain liquidity with respect to all or a portion of their stock in the company without disrupting XBiotech's stock price.
The offer is subject to certain terms and conditions. The tender offer will expire at 5 p.m., New York City time on Feb. 12 unless the offer is extended.
D.F. King & Co. Inc. will be information agent for the tender offer.
XBiotech develops therapies based on harnessing naturally occurring antibodies from patients with immunity to various diseases.
In December 2019, Johnson & Johnson acquired all rights to XBiotech's experimental anti-inflammatory antibody bermekimab in a $750 million deal. XBiotech was developing bermekimab as a potential treatment for different cancer types; diabetes; cardiovascular diseases; and skin disorders, including atopic dermatitis, or eczema, and hidradenitis suppurativa.