SciClone Plummets After Cutting Guidance, Says It's Not Talking To Any Acquirers
SciClone Pharmaceuticals, Inc. (NASDAQ: SCLN) revealed an update on its tactical review process, which was disclosed in February. According to the company, it is no longer pursuing any active discussions with any possible acquirers that were undertaken as part of its tactical review process.
The stock plunged 20.66 percent on Tuesday at time of writing.
The company indicated it intends to remain an independent publicly traded company as it continued to implement its tactical growth plan for its core commercial business.
SciClone indicated that during the part of the tactical review process, it received interest from a number of possible suitors. However, those discussions ended did not reach the ultimate level for the board to take a call. The company pointed out that none of the bids under discussion reflected a premium to its recent trading price. The Board would continue to assess additional tactical options while continuing to focus on growing its business.
Chairman Jon Saxe stated, "Together with our financial advisor Lazard, we are evaluating a wide range of strategic alternatives to maximize stockholder value. As part of our evaluation, we approached a significant number of potential acquirers of the Company. The Board determined that at this time remaining an independent publicly traded company was the best path forward to maximize long-term stockholder value. Based on what we have learned in this part of the process, the Board intends to continue to review and refine the Company's corporate strategy and evaluate new opportunities."
Additionally, SciClone also disclosed its forecast for the full-year. Accordingly, it now expects revenues to be in the range of $158 to $163 million for the same period. Similarly, the company sees its adjusted earnings to be $0.70 to $0.74 per share for the full year.
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