Liminal BioSciences Inc.
Laval, Qc, und Cambridge, England (ots/PRNewswire)
Liminal BioSciences Inc. (NASDAQ: LMNL) (“Liminal BioSciences” or the “Company”) confirms that the Company’s board of directors (the “Board of Directors”) accepted a non-binding offer from Structured Alpha LP (“SALP “) outlining a potential transaction to acquire all of the Company’s issued and outstanding common shares not currently owned by SALP for $7.50 in cash per common share (the “Offering”). SALP currently owns 1,987,622 Liminal BioSciences common stock, representing approximately 64.03% of the Company’s currently outstanding common stock.
The Company’s Board of Directors will review the Offer to determine what course of action it believes is in the Company’s best interest. A select committee of independent directors (the “Select Committee”) has been formed that will evaluate the Offer and any viable alternatives that may be available to the Company. At this time, the Select Committee has not made any decisions or recommendations regarding the Transactions , which are the subject of the Offer, and shareholders are not required to take any action in relation to the Offer at this time.
Should an agreement be reached with SALP with respect to the Offering, the Company expects that such transaction would be subject to compliance with regulation 61-101 protecting minority shareholders in special transactions and that the completion of any such transaction would be accompanied by an obligation to obtain official evaluation and approval of a majority of the Company’s minority shareholders (being shareholders not affiliated with SALP).
The Company intends to provide updated information in accordance with applicable securities laws as necessary.
About Liminal BioSciences Inc.
Liminal BioSciences is a development-stage biopharmaceutical company focused on the discovery and development of novel and distinctive small molecule therapeutics that modulate G protein-coupled receptor pathways (GPCRs). The Company is developing proprietary novel small molecule therapeutic candidates with the goal of developing best/first therapeutics for the treatment of metabolic, inflammatory and fibrotic diseases for which there is significant unmet medical need. The company leverages its integrated drug discovery platform, medicinal chemistry expertise and deep understanding of GPCR biology. The Company’s pipeline currently consists of three programs. The candidate selected for clinical development, LMNL6511, a selective GPR84 receptor antagonist, is expected to enter a Phase 1 clinical trial in the second half of 2023. The company is also developing potential OXER1 antagonists and GPR40 agonists, both of which are in the preclinical stage. In addition to these programs, the Company continues to evaluate other development opportunities to expand its pipeline.
Liminal BioSciences operates in Canada and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements are identified by the use of forward-looking terms. Statements that are not historical in nature, including the words “anticipate”, “expect”, “suggest”, “plan”, “believe”, “intend”, “estimate”, “target”, “project”, “should” , “could”, “would”, “may”, “will”, “anticipate” and other similar expressions are used to identify forward-looking statements. Forward-looking statements include, but are not limited to, the offer. There can be no assurance that the offering will result in an official offering or that such offering will ultimately result in a completed transaction. These statements are “forward-looking” because they are based on our current expectations regarding the markets in which we operate, as well as various estimates and assumptions. Actual events or results could differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business or if our forecasts or assumptions prove incorrect. Factors that could cause actual results to differ materially from those described or projected herein include, among others, risks related to changes in general economic conditions. For a more detailed assessment of these risks, uncertainties and other risks that could cause actual events or results to differ materially from our current expectations, please see the Company’s filings and reports with the US Securities and Exchange Commission and the Canadian Securities Administrators, including in the annual report on Form 20-F for the year ended December 31, 2022, and other filings and reports that Liminal BioSciences makes and prepares from time to time. Because of such risks, we cannot guarantee that any particular forward-looking statement will materialize. Existing and potential investors are cautioned not to rely on these forward-looking statements and estimates, which speak only as of the date of this document. Except as required by applicable securities laws and regulations, we undertake no obligation to update the forward-looking statements contained in this press release, whether as a result of future events or otherwise, new information may become available.
Corporate Contact: Shrinal Inamdar, Executive Vice President, Investor Relations and Communications, [email protected], +1 450.781.0115; Media contact: Kaitlin Gallagher, [email protected], +1 212.253.8881
Original content from: Liminal BioSciences Inc., transmitted by news aktuell