Atreca announces asset purchase agreement for sale of assets to Immunome

Atreca (BCEL) entered into a definitive asset purchase agreement with Immunome (IMNM) to sell a collection of antibody-related assets and materials. Under the terms of the agreement, Immunome would pay Atreca up to $12.5 million, consisting of a $5.5 million upfront payment and up to $7.0 million in clinical development milestones. The asset sale will require approval from Atreca stockholders holding at least a majority of the outstanding shares of Atreca’s Class A common stock entitled to vote. A stockholder vote will be sought by proxy solicitation which will include a plan of dissolution calling for the liquidation of any remaining assets, satisfying or making reasonable provisions for any remaining obligations, and making distributions to our stockholders of available proceeds, if any. The board of directors of Atreca intends to seek to distribute remaining funds to our stockholders as quickly as possible, as permitted by law and the plan of dissolution.