CASI Pharma Stock Rises On $20M Buyout Offer From CEO For China Business Operations: Retail Remains Extremely Bullish

Shares of CASI Pharmaceuticals, Inc. (CASI) traded 5% higher on Thursday afternoon after the company announced that it has received a buyout proposal valuing the company’s operations in China at $20 million.

The proposal, dated April 2, was put forth by company CEO Wei-Wu He and covers the company’s entire business operations in China and all license-in, distribution, and related rights in Asia, excluding Japan, related to certain pipeline products.

CASI said the proposal updates the preliminary non-binding proposal letter submitted by He to the company on June 21, 2024.

The company said that its special committee of the board of directors will evaluate the proposed transaction. However, no decisions have been made regarding the proposal letter or any alternative strategic option the company may pursue.  

The company added that there is no assurance that any definitive agreement relating to the proposal letter will be entered between the company and its CEO.

On Stocktwits, retail sentiment about CASI Pharmaceuticals dipped slightly within the ‘extremely bullish’ territory (94/100), accompanied by a slight drop in message volume over the past 24 hours.

Late last month, CASI Pharma reported full-year 2024 revenue of $28.5 million, a decrease of 16% compared to 2023. The company noted that it was impacted by intensified competition and increased pricing pressure during the year.

Net loss for the year came in at $39.3 million, higher than the $26.3 million reported in 2023.

The company added that it had cash and cash equivalents of $13.5 million as of the end of 2024, less than the $29.1 million as of 2023-end.

CASI shares are down by over 25% this year and over 30% over the past 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.<