CASI Pharmaceuticals Inc. (CASI) on Thursday announced that its Special Committee has received an updated preliminary non-binding proposal from Chairman and CEO Dr. Wei-Wu He to acquire the company's entire business operations in China.
The proposal, dated April 2, 2025, also includes all license-in, distribution, and related rights in Asia (excluding Japan) for certain pipeline products, including BI-1206, CID-103, and Thiotepa.
The total purchase price of $20 million includes the assumption of approximately $20 million in company debt.
CASI stated that this latest proposal updates a previous non-binding proposal submitted by Dr. He on June 21, 2024, reflecting adjustments in scope and consideration based on newly disclosed company information.
The company's board of directors had previously formed a Special Committee to evaluate the proposed transaction as well as any alternative strategic options. The Special Committee will continue to assess the proposal in light of recent developments.
"The board of directors cautions that no decisions have been made regarding the proposal or any alternative strategic options," CASI stated.
The company further added that, "There is no assurance that a definitive agreement will be reached or that the proposed transaction, or any similar transaction, will be approved or completed."
The company also clarified that it does not intend to provide further updates unless required by law.
Currently, CASI is trading at $2.15 down by 0.92 percent on the Nasdaq.
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