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Aerovate Therapeutics Announces Range of Expected Cash Dividend in Connection with the Proposed Merger with Jade Biosciences
Cash dividend expected to be in the range of $67.6 – 69.6 million WALTHAM, Mass., April 7, 2025 /PRNewswire/ -- Aerovate Therapeutics, Inc. (Nasdaq: AVTE)
About this update from Jade Biosciences, Inc.
[{"type":"text","content":"Cash dividend expected to be in the range of $67.6 – 69.6 million\nWALTHAM, Mass., April 7, 2025 /PRNewswire/ -- Aerovate Therapeutics, Inc. (Nasdaq: AVTE) (\"Aerovate\") today announced that, in connection with its previously announced merger (the \"Merger\") with Jade Biosciences, Inc. (\"Jade\"), it expects to declare a cash dividend to the pre-Merger Aerovate stockholders (the \"Cash Dividend\") in the range of $67.6 – 69.6 million in the aggregate. This expected dividend range is based on Aerovate's estimated net cash immediately prior to the closing of the Merger (the \"Closing\"). As of April 4, 2025, 28,985,019 shares of Aerovate's common stock are outstanding.\nOfficial declaration of the Cash Dividend is subject to approval of the Aerovate board of directors and is expected to be announced later this month. Following approval, the Cash Dividend will be paid in connection with the Closing. The Closing remains subject to approval of Aerovate's stockholders and other closing conditions (as provided in the Merger Agreement). Aerovate's stockholders will consider and vote upon approval of the Merger at the special meeting of Aerovate stockholders scheduled for 9:00 a.m. ET on April 16, 2025. The parties expect the Closing to occur no later than April 30, 2025.\nIf you need assistance in voting your shares or have questions regarding the special meeting of Aerovate's stockholders, please contact Aerovate's proxy solicitor, Innisfree M&A Incorporated at (877) 750-8310 (toll-free) or (212) 750-5833. \nAbout Aerovate Therapeutics, Inc.\nAerovate Therapeutics is a biotechnology company that was focused on improving the lives of patients with rare cardiopulmonary disease. For more information, please visit www.aerovatetx.com.\nAbout Jade Biosciences\nJade Biosciences is focused on developing best-in-class therapies to address critical unmet needs in autoimmune diseases. Its lead asset, JADE-001, targets the cytokine anti-A PRoliferation-Inducing Ligand (APRIL) for immunoglobulin A (IgA) nephropathy, with Investigational New Drug Application-enabling studies underway and initiation of a first-in-human trial expected in the second half of 2025. Jade's pipeline also includes two undisclosed antibody discovery programs, JADE-002 and JADE-003, currently in preclinical development. Jade was launched based on assets licensed from Parago...