Radoff reaches agreement with Atea Pharmaceuticals, Inc (AVIR)
Market Cap: $273 million | Atea Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, discovers, develops, and commercializes antiviral therapeutics for patients with viral infections.
On December 13, 2024, BML Investment Partners (8.1%) sent a letter to the Board indicating its belief that the company needs to find a strategic partner or explore other strategic alternatives.
On March 4, 2025, Bradley L. Radoff and JEC Associates (together 5.1%) announced that they have engaged, and plan to continue engaging, with the Board and management to enhance shareholder value. While they supported the company’s retention of Evercore for a strategic review, they do not believe the current Board is qualified to lead this process effectively. Radoff intends to nominate a competing slate of candidates at the upcoming annual meeting and will share these views with the company, its shareholders, and other market participants. Source
On March 20, 2025, Mr. Radoff delivered a letter to the company nominating Howard H. Berman, James P. Flynn and Michael Torok for election to the board at the 2025 annual meeting of stockholders. Source
On March 26, 2025, the Radoff-JEC Group criticized Atea Pharmaceuticals' stock performance, governance, and capital allocation, highlighting undervaluation, rejected buyouts, insider sales, and entrenched leadership. They called for board changes and nominated candidates to address these issues and enhance shareholder value. Source
On April 16, 2025, the Radoff/JEC Group and the company entered into an agreement under which Howard H. Berman, Ph.D. will join the Board as a Class III director after the 2025 annual meeting and serve until the 2026 meeting; he will also serve as a Board observer in the interim. Franklin Berger will not seek reelection in 2027, and the Issuer approved a $25 million share repurchase program. Source
Member discussion