Cellular Biomedicine Up 1% on Buyout Proposal
The stock in Cellular Biomedicine Group Inc. (Nasdaq: CBMG) rose 1% to $17.89 per American depositary share on Monday, after the company announced it received a buyout proposal from an investor group headed by the company's chief executive.
The bid is to buy all outstanding shares in Cellular Biomedicine for $19.50 per ADS, said in a statement today. That represents an upside of 10% from Friday's close.
The proposal comes from Cellular Bio's CEO, Tony Liu, as well as Hillhouse Bio Holdings L.P., TF Capital Ranok Ltd., Dangdai International Group Co. Ltd. and Mission Right Ltd., according to the report.
"The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the proposal letter and has not had an opportunity to carefully review and evaluate the proposal or make any decision with respect to the Company's response to the proposal," Cellular Biomedicine said in its statement.
In its latest financials, the company reported its revenue in the nine months through September was $49,265, down 75% year-over-year. Net loss widened to $37.3 million, or $1.98 per ADS, compared with $30.4 million, or $1.76 per ADS.
With headquarters in Shanghai and New York, Cellular Biomedicine provides cell therapies for the treatment of cancer and degenerative diseases. The company has facilities in Shanghai, Beijing, Wuxi and Maryland.
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