Atea Pharmaceuticals Announces Board Changes and Share Repurchase Program
Deal News | Apr 17, 2025 | Olshan Frome Wolosky LLP
Bradley L. Radoff and Michael Torok, represented by Olshan Frome Wolosky LLP, have reached an agreement with Atea Pharmaceuticals to bring about significant changes. This includes appointing Howard H. Berman, Ph.D. to the board of directors and authorizing a $25 million share repurchase program. Additionally, Atea Pharmaceuticals announced that its lead director will not seek re-election after the expiry of his current term. The agreement reflects a strategic shift aimed at bolstering Atea's governance and financial position. Olshan Frome Wolosky's Shareholder Activism Practice Group, with Ryan Nebel, Rebecca Van Derlaske, and Joseph Ferrone, provided advisory support to the investors during this process.
Sectors
- Pharmaceuticals
- Legal Advisory
Geography
- United States – Atea Pharmaceuticals and Olshan Frome Wolosky LLP are based in the United States, making the geographical relevance clear.
Industry
- Pharmaceuticals – The article involves Atea Pharmaceuticals, which operates in the pharmaceuticals industry known for drug development and therapeutic innovations.
- Legal Advisory – Olshan Frome Wolosky LLP, serving as the legal advisor, represents the legal advisory industry, providing legal services and guidance around shareholder activism and corporate governance.
Financials
- $25 million – The authorized amount for Atea Pharmaceuticals' share repurchase program.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Atea Pharmaceuticals | Target Company | Company | Atea Pharmaceuticals is the company involved in the agreement, seeking to introduce changes in its board and engage in a share repurchase program. |
| Bradley L. Radoff | Investor | Person | An investor in Atea Pharmaceuticals, responsible for reaching the agreement on board changes and share buyback. |
| Michael Torok | Investor | Person | Alongside Radoff, Torok has played a key role in the agreement with Atea Pharmaceuticals for corporate changes. |
| Olshan Frome Wolosky LLP | Legal Advisor | Company | Law firm representing Radoff and Torok, specializing in shareholder activism. |
| Howard H. Berman, Ph.D. | New Board Member | Person | Appointed to the board of directors of Atea Pharmaceuticals as part of the agreement. |