PRDS - Pardes Biosciences jumps after original SPAC sponsor makes takeover offer

2023-04-21 17:08:53 ET

• Pardes Biosciences ( NASDAQ: PRDS ) rose 12% in after hours trading after the SPAC sponsor, who took the company public, offered to buy the biopharma firm.
• Foresite Capital, which has a 27% stake in Pardes  ( PRDS ), said its exploring a potential acquisition of the shares it doesn't already own, according to a letter the investor wrote to the company's board that was disclosed in a regulatory filing. Foresite explained that it's not interested in any alternative transaction, including a sale of its current holdings.
• Foresite didn't indicate any potential price it might be willing to offer for the remainder of Pardes ( PRDS ).
• Pardes ( PRDS ) went public through a SPAC deal with sponsor Foresite in late December 2021, with the shares plunging about 85% since then.

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