By Colin Kellaher
Keros Therapeutics shares rose sharply in premarket trading Thursday after the clinical-stage biopharmaceutical company said it is reviewing alternatives aimed at maximizing shareholder value, including a possible sale.
Shares of the Lexington, Mass., company, which closed Wednesday at $10.33, were recently up more than 18% to $12.23 in premarket trading.
Keros, which had a market capitalization of around $396 million based on Wednesday's closing price, said it will look at a range of options, including a sale or other business combination, continued investment in its pipeline, and the return of excess capital to shareholders.
The company said it hasn't set a deadline or timetable for completion of the review, adding that it has adopted a limited-duration shareholder rights plan with a 10% trigger to protect the integrity of the process.
Keros said the rights plan, also known as a "poison pill," is in response to the significant and rapid accumulations of its stock by a number of investors that it said have indicated a desire to influence the control of the company, including an individual investor that said it holds an 11.2% stake.
Poison pills are anti-takeover measures that flood the market with new shares, making it more expensive for suitors to acquire a controlling stake in a company.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 10, 2025 06:40 ET (10:40 GMT)
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