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Arix Bioscience responds to open letter from Acacia Research Corp

The firm said it was “disappointed” that Acacia had decided to publish the letter on the same date as delivering it to the company, adding that it has “an experienced board that is committed to acting in the best interest of all shareholders”

Arix Bioscience PLC - Arix Bioscience responds to open letter from Acacia Research Corp

Arix Bioscience PLC (LON:ARIX) has issued a response to an open letter from activist shareholder Acacia Research Corp released on Monday.

The biotech-focused venture capital firm said it was “disappointed” that Acacia had decided to publish the letter on the same date as delivering it to the company, adding that it has “an experienced board that is committed to acting in the best interest of all shareholders”.

READ: Arix Bioscience sees sharp uplift in net asset value in 2020

“Arix has recently announced the strengthening of corporate governance with the appointment of two experienced independent non-executive directors and a senior independent director,” Arix said, adding that the process is currently underway to build its investment team in the UK and the US.

The firm also highlighted its annual results for 2020, which it said showed “significant progress and [a] strong financial performance” and demonstrated the “successful execution of the change in company strategy during the period”.

“The company intends to review the letter carefully and will be engaging directly with Acacia”, Arix said.

Shares in the firm were 0.8% lower at 191p in early deals on Wednesday.

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