Sciclone Pharma (SCLN) Confirms $11.18/Share Unsolicited Proposal From GL Capital And ABG Management
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SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) ("SciClone") today confirmed that it has received an unsolicited, nonbinding proposal from a consortium led by GL Capital Management GP Limited and ABG Management Limited to acquire all of the outstanding shares of SciClone not already owned by the consortium for $11.18 per share in cash, which proposal was subsequently filed by consortium members as an exhibit to their Schedule 13D/As with the Securities and Exchange Commission. The proposal is subject to a number of contingencies including financing, due diligence and documentation. Consistent with its fiduciary duties and in consultation with its financial and legal advisors, SciClone's Board of Directors will carefully review and consider the proposal to determine the course of action that it believes is in the best interests of SciClone and its stockholders, taking into account SciClone's current strategic plan and growth initiatives.
As part of the commitment of SciClone's Board and management to stockholders, the Board regularly reviews all options for generating and delivering value. SciClone does not intend to disclose developments regarding these matters unless and until its Board determines there is a material need to update the market.
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