CASI Pharmaceuticals receives proposal to acquire China business for $20M

CASI Pharmaceuticals (CASI) announced that its special committee of the board of directors has received an updated preliminary non-binding proposal letter, dated April 2, from Dr. Wei-Wu He, Chairman of the board of directors and CEO, to acquire the entire business operations of the company in China and all license-in, distribution and related rights in Asia related to certain pipeline products of the company, including BI-1206, CID-103 and Thiotepa, for an aggregate purchase price of $20M, which shall include assumption of approximately $20M of indebtedness of the company. The Proposal Letter updates the preliminary non-binding proposal letter submitted by Dr. He to the company on June 21. The Proposal Letter conveys Dr. He’s intent to make certain adjustment to the scope of, and considerations for, the pipeline products involved in the Proposed Transaction based on latest information disclosed by the company. As previously announced, the board of directors of the company had formed the Special Committee to evaluate the Proposed Transaction, or any alternative strategic option that the company may pursue. The Special Committee will continue to evaluate the Proposed Transaction in light of the latest development.