Theseus Pharmaceuticals Fires Top Executives Amidst Potential Takeover

Cambridge biopharmaceutical company, Theseus Pharmaceuticals, has made the decision to terminate the employment of two key executives as part of a broader workforce reduction strategy.

In an official filing with the U.S. Securities and Exchange Commission on Monday, Theseus announced that Timothy Clackson, who previously held the positions of president and chief executive, and David Kerstein, the former chief medical officer, were both relieved of their duties effective as of December 7th.

Leadership Changes at Theseus

To fill the void left by the departing executives, Theseus has appointed Bradford Dahms, its current chief financial officer, to take on the additional role of president. This strategic move allows for a seamless transition and ensures continuity within the company's leadership structure.

Simultaneously, Theseus has secured consulting agreements with Clackson and Kerstein, indicating their ongoing involvement and support on an advisory basis.

Acquisition Prospects

Recent developments at Theseus have been driven by expressions of interest from major investors, OrbiMed Advisors and Foresite Capital, who have signaled their intent to explore a potential acquisition of the company. Furthermore, Tang Capital Partners, acting on behalf of Concentra Biosciences, has presented a proposal to acquire Theseus for $3.80 per share in cash. This offer also includes a contingent value right that is tied to the future proceeds resulting from any licensing or disposition of Theseus' programs.

The board of Theseus will undertake a thorough review of all expressions of interest, considering the best path forward for the company.

Financial Snapshot

As of the last trading day, Theseus shares closed at $3.86 each, giving the company a total market capitalization of approximately $171 million.