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SciClone (SCLN) Confirms Receipt Of Unsolicited Proposal From GL Capital And ABG Management



11/15/2016 7:25:03 AM

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FOSTER CITY, Calif., Nov. 14, 2016 /PRNewswire/ -- 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.

SciClone Pharmaceuticals, Inc. Logo.

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. 

About SciClone

SciClone Pharmaceuticals is a revenue-generating, specialty pharmaceutical company with a substantial commercial business in China and a product portfolio spanning major therapeutic markets including oncology, infectious diseases and cardiovascular disorders. SciClone's proprietary lead product, ZADAXIN® (thymalfasin), is approved in over 30 countries and may be used for the treatment of hepatitis B (HBV), hepatitis C (HCV), and certain cancers, and as an immune system enhancer, according to the local regulatory approvals. The Company has successfully in-licensed and commercialized products with the potential to become future market leaders and to drive the Company's long-term growth, including DC Bead®, a novel treatment for liver cancer now approved in China, and several other products in late stage development in China. Through its promotion business with pharmaceutical partners, SciClone also markets multiple branded products in China which are therapeutically differentiated. SciClone is a publicly-held corporation based in Foster City, California, and trades on the NASDAQ Global Select Market under the symbol SCLN. For additional information, please visit www.sciclone.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding expected future events and expectations.  Readers are urged to consider statements that include the words "may," "will," "would," "could," "should," "might," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," "approximately" or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict and actual outcomes may differ materially. These statements are subject to risks and uncertainties that are difficult to predict and actual outcomes may differ materially.  Please also refer to other risks and uncertainties described in SciClone's filings with the Securities and Exchange Commission, including the discussion under the heading "Risk Factors" in SciClone's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are based on information currently available to SciClone and SciClone assumes no obligation to update any such forward-looking statements.

SciClone, SciClone Pharmaceuticals, the SciClone Pharmaceuticals design, the SciClone logo and ZADAXIN are registered trademarks of SciClone Pharmaceuticals, Inc. in the United States and numerous other countries.

Corporate Contacts

Wilson W. Cheung

Jane Green

Chief Financial Officer

Investors/Media

650.358.3434                                              

650.358.1447

wcheung@sciclone.com

jgreen@sciclone.com

 

Logo - http://photos.prnewswire.com/prnh/20150722/240358LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sciclone-confirms-receipt-of-unsolicited-proposal-from-gl-capital-and-abg-management-300362421.html

SOURCE SciClone Pharmaceuticals, Inc.


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