By Dean Seal
NightHawk Biosciences has received an offer from its chief executive for the acquisition of its subsidiary Elusys Therapeutics, the maker of the anthrax antitoxin known as Anthim.
The biopharmaceutical company disclosed Monday that CEO and Chairman Jeffrey Wolf has submitted the non-binding offer letter to the board on behalf of his company Starlight Acquisition.
Wolf is seeking equity interests in Elusys, all intellectual property related to Anthim, certain research and development rights and certain assets, including some employees and rights to the NightHawk Biosciences name.
As consideration for the company, Starlight will assume liabilities and contractual obligations of the business, which are estimated to be about $40 million, assume its operating costs and pay 10% of profits derived from Anthim sales for five years.
NightHawk has been considering strategic and other transactions to address a nearly $236 million deficit on its books and a $26.7 million net loss for the first half of the year, according to a securities filing.
A special committee of independent directors is reviewing the proposal and preparing to negotiate, the company said. Shares climbed 4.4% to 57 cents in early trading.
Write to Dean Seal at dean.seal@wsj.com