Subsequent Event

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Event

15.  Subsequent Event

On July 10, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Innoviva, Inc., a Delaware corporation (the “Parent”) and Innoviva Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Parent (the “Purchaser”). The Merger Agreement provides for the acquisition of the Company by the Parent through a cash tender offer (the “Offer”) by the Purchaser for all of the Company’s outstanding shares of common stock, for $6.23 per share of common stock (the “Offer Price”). Purchaser commenced the Offer on July 25, 2022 and the Offer will expire one minute after 11:59 p.m. New York City Time, on August 19, 2022, unless the Offer is extended or terminated. Following the completion of the Offer, the satisfaction or waiver of certain conditions set forth in the Merger Agreement and in accordance with the General Corporation Law of the State of Delaware, the Purchaser will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of the Parent.