Navidea Rejects Unsolicited Offer To Acquire Certain Assets

 Following the Company’s Fix, Fund, Propel approach, the proposal substantially undervalues Navidea and is not in the best interests of stockholders.

 

Navidea Biopharmaceuticals, Inc. (NYSE American: NAVB) (“Navidea” or the “Company”), a company focused on the development of precision immunodiagnostic agents and immunotherapeutics, today announced the Company’s Board of Directors, in consultation with G2G Ventures as Executive Consultants, has unanimously rejected an unsolicited, non-binding offer from ProPhase Labs, Inc. (Formerly Known as Quigley Corporation) to acquire certain assets from the Company on the terms disclosed in their press release on June 29, 2023.

“After careful review and consideration of ProPhase Labs’ unsolicited proposal, our Board determined that the proposal substantially undervalues Navidea’s assets, is opportunistic, and is not in the best interest of our stockholders,” said Josh Wilson, Navidea’s Director. “While we certainly understand and are appreciative of the interest in Navidea’s unique technologies, the Board is confident that the Company’s stated objectives and its Fix, Fund, Propel approach to advancing our innovations to market will generate far superior long-term value for stockholders.”

The Company, with G2G Ventures as Executive Consultants, recently announced the receipt of $7.5 million cash from Cardinal Health in lieu of a contingent milestone payment, and provided additional insight on its recent performance in line with its Fix, Fund, Propel approach.

https://www.biospace.com/article/releases/navidea-biopharmaceuticals-inc-rejects-unsolicited-offer-to-acquire-certain-assets/