LAVAL,
QC and CAMBRIDGE, England, May 8,
2023 /PRNewswire/ -- Liminal BioSciences Inc. (NASDAQ: LMNL)
("Liminal BioSciences" or the "Company"), re-confirms that the
board of directors of the Company has already established a special
committee of the independent members of the Company's board of
directors (the "Special Committee") in respect to the previously
announced unsolicited non-binding proposal from Structured Alpha LP
("SALP") to acquire all of the issued and outstanding common shares
of the Company that SALP does not currently own for US$7.50 in cash per common share (the
"Proposal"). The Special Committee has retained BMO Capital
Markets as its independent financial advisor and to provide a
formal valuation of the common shares of the Company in accordance
with Multilateral Instrument 61-101 – Protection of Minority
Shareholders in Special Transactions.
The Special Committee will evaluate the Proposal and all viable
alternatives that may be available to the Company. No decisions or
recommendations have been made by the Special Committee regarding
the transactions that are the subject of the Proposal at this time.
Shareholders do not need to take any action with respect to the
Proposal at this time.
Notwithstanding the process described above, there can be no
assurance that the Proposal will result in a formal offer or that
any such offer will ultimately result in a completed transaction.
The Company intends to provide updates if and when necessary, in
accordance with applicable securities laws.
About Liminal BioSciences Inc.
Liminal BioSciences is a development-stage biopharmaceutical
company focused on discovering and developing novel and distinctive
small molecule therapeutics that modulate G protein-coupled
receptor pathways (GPCRs). The Company is designing proprietary
novel small molecule therapeutic candidates with the intent of
developing best/first in class therapeutics for the treatment of
metabolic, inflammatory and fibrotic diseases with significant
unmet medical needs, using its integrated drug discovery platform,
medicinal chemistry expertise and deep understanding of GPCR
biology. The Company's pipeline is currently made up of three
programs. The candidate selected for clinical development,
LMNL6511, a selective antagonist for the GPR84 receptor, is
expected to commence a Phase 1 clinical trial in the second half of
2023. The Company is also developing potential OXER1 antagonists,
and GPR40 agonists, both of which are at the preclinical stage. In
addition to these programs, the Company continues to explore other
development opportunities to add to its pipeline.
Liminal BioSciences has active business operations in
Canada and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Some of the forward-looking statements can be identified
by the use of forward-looking words. Statements that are not
historical in nature, including the words "anticipate," "expect,"
"suggest," "plan," "believe," "intend," "estimate," "target,"
"project," "should," "could," "would," "may," "will," "forecast"
and other similar expressions are intended to identify
forward-looking statements. Forward–looking statements include,
among other things, the Proposal. These statements are
"forward-looking" because they are based on our current
expectations about the markets we operate in and on various
estimates and assumptions. Actual events or results may differ
materially from those anticipated in these forward-looking
statements if known or unknown risks affect our business, or if our
estimates or assumptions turn out to be inaccurate. Among the
factors that could cause actual results to differ materially from
those described or projected herein include, but are not limited
to, risks associated with general changes in economic conditions.
You will find a more detailed assessment of these risks,
uncertainties and other risks that could cause actual events or
results to materially differ from our current expectations in the
filings and reports the Company makes with the U.S. Securities and
Exchange Commission and Canadian Securities Administrators,
including in the Annual Report on Form 20-F for the year ended
December 31, 2022, as well as other
filings and reports Liminal Biosciences' may make from time to
time. As a result of such risks, we cannot guarantee that any given
forward-looking statement will materialize. Existing and
prospective investors are cautioned not to place undue reliance on
these forward-looking statements and estimates, which speak only as
of the date hereof. We assume no obligation to update any
forward-looking statement contained in this press release even if
new information becomes available, as a result of future events or
for any other reason, unless required by applicable securities laws
and regulations. SOURCE Liminal BioSciences Inc.
Corporate Contact, Shrinal Inamdar, Associate Director,
Investor Relations and Communications,
s.inamdar@liminalbiosciences.com, +1 450.781.0115; Media
Contact, Kaitlin Gallagher, kgallagher@berrypr.com, +1
212.253.8881
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