UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Item 8.01 | Other Events. |
Liquidia Technologies, Inc. (the “Company”), a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products using its proprietary PRINT® technology, today announced it has rescheduled its special meeting of stockholders (the “Special Meeting”), which was originally scheduled for October 21, 2020, to be held at 4:30 p.m., Eastern Time, on November 13, 2020. The Special Meeting will be a virtual meeting conducted solely online via live webcast and can be attended by visiting www.meetingcenter.io/287587626.
As previously announced, on October 16, 2020, the Company received an unsolicited offer to enter into a License Agreement for the Company’s LIQ861 product candidate (the “Alternative Proposal”). The Alternative Proposal was conditioned upon the Company terminating the Agreement and Plan of Merger, dated as of June 29, 2020, by and among the Company, RareGen, LLC, Liquidia Corporation, Gemini Merger Sub I, Inc., Gemini Merger Sub II, LLC, and PBM RG Holdings, LLC (the “Merger Agreement”). On November 1, 2020, the Company’s board of directors (the “Board of Directors”) determined that the Alternative Proposal does not constitute a Superior Proposal under the Merger Agreement and the Company subsequently informed the counterparty that it is terminating discussions with respect to such Alternative Proposal. Accordingly, the Board of Directors has unanimously reaffirmed its recommendations that the Company’s stockholders vote “FOR” each proposal being submitted to a vote of the Company’s stockholders at the Special Meeting.
Additional background information related to the Alternative Proposal will be provided to stockholders in a proxy supplement prior to the Special Meeting.
A copy of the press release announcing the rescheduled Special Meeting is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d)
| Exhibit No. |
Exhibit | |
| 99.1 | Press Release of Liquidia Technologies, Inc., dated November 2, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| November 2, 2020 | Liquidia Technologies, Inc. | ||
| By: | /s/ Steven Bariahtaris | ||
| Name: | Steven Bariahtaris | ||
| Title: | Interim Chief Financial Officer | ||
Exhibit 99.1
Liquidia Technologies, Inc. 419 Davis Drive, Suite 100 Morrisville, NC 27560 |
 |
MEDIA RELEASE
www.liquidia.com
Liquidia Reschedules Special Meeting of Stockholders and Reaffirms Recommendation to Approve Proposed Acquisition of RareGen, LLC
Company Determines Unsolicited Offer does not Constitute Superior Proposal
RESEARCH TRIANGLE PARK, N.C., November 2, 2020 - Liquidia Technologies, Inc. (NASDAQ: LQDA), a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products using its proprietary PRINT® technology, today announced it has rescheduled its special meeting of stockholders, which was originally scheduled for October 21, 2020, to be held at 4:30 p.m., Eastern Time, on November 13, 2020. The special meeting will be a virtual meeting conducted solely online via live webcast and can be attended by visiting www.meetingcenter.io/287587626.
As previously announced, on October 16, 2020, the Company received an unsolicited offer to enter into a License Agreement for the Company’s LIQ861 product candidate (the “Alternative Proposal”). The Alternative Proposal was conditioned upon the Company terminating the Agreement and Plan of Merger, dated as of June 29, 2020, by and among the Company, RareGen, LLC, Liquidia Corporation, Gemini Merger Sub I, Inc., Gemini Merger Sub II, LLC, and PBM RG Holdings, LLC (the “Merger Agreement”). On November 1, 2020, the Company’s board of directors (the “Board of Directors”) has determined that the Alternative Proposal does not constitute a Superior Proposal and the Company subsequently informed the counterparty that it is terminating discussions with respect to such Alternative Proposal. Accordingly, the Board of Directors has unanimously reaffirmed its recommendations that the Company’s stockholders vote “FOR” each proposal being submitted to a vote of the Company’s stockholders at the Special Meeting.
About Liquidia
Liquidia is a late-stage clinical biopharmaceutical company focused on the development and commercialization of novel products using its proprietary PRINT® technology to transform the lives of patients. PRINT is a particle engineering platform that enables precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. Currently, Liquidia is focused on the development of two product candidates for which it holds worldwide commercial rights: LIQ861 for the treatment of pulmonary arterial hypertension (PAH) and LIQ865 for the treatment of local post-operative pain. Liquidia is headquartered in Research Triangle Park, NC. For more information, please visit www.liquidia.com.
Liquidia Technologies, Inc. 419 Davis Drive, Suite 100 Morrisville, NC 27560 |
|
MEDIA RELEASE
www.liquidia.com
About RareGen
RareGen, LLC is a portfolio company of PBM Capital Group, a healthcare investment firm. RareGen provides strategy, investment,
and commercialization for rare disease pharmaceutical products. RareGen has a national sales force focused on cardiology and pulmonology
specialties.
Important Information About the Transaction and Where to Find It
In connection with the proposed merger transaction, the Company and Liquidia Corporation have filed documents with the
SEC, including the filing by Liquidia Corporation of a registration statement on Form S-4, which was declared effective
on September 16, 2020, and a final proxy statement/prospectus (including any supplements thereto), and the Company
mailed a proxy statement regarding the proposed merger transaction to its stockholders that also constitutes a prospectus of the
Company. This document is not a substitute for the proxy statement/prospectus or registration statement or any other document
which the Company or Liquidia Corporation have filed with the SEC. Investors and security holders of the
Company and RareGen are urged to read the registration statement, the proxy statement/prospectus and any other relevant documents,
as well as any amendments or supplements to these documents, carefully and in their entirety because they will contain important
information. Investors and security holders may obtain free copies of the registration statement and the proxy statement/prospectus
and other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov or
by contacting the investor relations department of the Company at the following:
Liquidia
Technologies, Inc.
Jason Adair
Investor Relations
(919) 328-4350
Jason.adair@liquidia.com
Participants in the Solicitation
The Company, RareGen and certain of their respective directors, executive officers and employees may be deemed to be participants
in the solicitation of proxies in respect of the proposed transaction and related matters. Information regarding the Company’s
directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained
in the Company’s Form 10-K for the year ended December 31, 2019 and its proxy statement filed on April
28, 2020, which are filed with the SEC. Additional information is available in the registration statement on Form S-4 and
the proxy statement/prospectus.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to sell or the solicitation of
an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote of approval, nor shall
there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Liquidia Technologies, Inc. 419 Davis Drive, Suite 100 Morrisville, NC 27560 |
|
MEDIA RELEASE
www.liquidia.com
Cautionary Statements Regarding Forward-Looking Statements
This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related timelines, including potential U.S. Food and Drug Administration (FDA) approval of the New Drug Application (NDA) for LIQ861, the timeline or outcome related to our patent litigation pending in the U.S. District Court for the District of Delaware or its inter partes review with the Patent Trial and Appeal Board, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our and Liquidia Corporation’s filings with the Securities and Exchange Commission, including the risk that our proposed acquisition of RareGen, LLC is not consummated or that the expected benefits and synergies from the proposed acquisition are not realized, the impact of the coronavirus (COVID-19) outbreak on our company and our financial condition and results of operations, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
Liquidia Technologies, Inc. 419 Davis Drive, Suite 100 Morrisville, NC 27560 |
|
MEDIA RELEASE
www.liquidia.com
Contact
Information
Media:
Michael Parks
Corporate Communications
484.356.7105
michael.parks@liquidia.com
Investors:
Jason Adair
Vice President, Corporate Development and Strategy
919.328.4400
jason.adair@liquidia.com