Seer Announces That Its Board Reviewed And Unanimously Rejected The Revised Unsolicited, Non-Binding Proposal From Radoff-JEC Group
Benzinga Newsdesk 6 months ago
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Seer, Inc. (NASDAQ:SEER) ("Seer" or the "Company"), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced that its Board of Directors (the "Board") has thoroughly reviewed and unanimously
Seer, Inc. (NASDAQ:SEER) ("Seer" or the "Company"), the pioneer and trusted partner for deep, unbiased proteomic insights, today announced that its Board of Directors (the "Board") has thoroughly reviewed and unanimously rejected the revised unsolicited, non-binding proposal received on April 24, 2026 from Bradley L. Radoff and Michael Torok, together with certain of their affiliates (the "Radoff-JEC Group"), to acquire all of the outstanding shares of Seer's Class A common stock for $2.35 per share in cash plus a contingent value right (the "Revised Proposal").
"The Radoff-JEC Group's proposal significantly undervalues Seer in light of its compelling growth potential," said Dr. Nicolas Roelofs, Lead Independent Director of Seer. "Seer has built a differentiated platform at the forefront of deep, unbiased proteomics, a large and expanding market with substantial scientific and commercial potential. The team is focused on navigating through macroeconomic headwinds, while strategically deploying capital to advance Seer's mission to unlock and capture the expansive new market opportunity ahead, which Seer is uniquely positioned to lead. The Board is confident that Seer's strategy, platform and team will create value well in excess of the proposal from the Radoff-JEC Group."
Consistent with its fiduciary duties, the Board carefully reviewed the Revised Proposal in consultation with its independent financial and legal advisors. Following a thorough analysis, the Board concluded that the Revised Proposal significantly undervalues Seer. The Board believes that the Revised Proposal implies an equity value for Seer that is materially below the sum of Seer's current cash, cash equivalents and investments. The Revised Proposal also fails to reflect the value of Seer's platform, technology leadership, adoption momentum and standalone growth prospects. The Board has therefore unanimously determined the Revised Proposal is not in the best interest of Seer stockholders.
Seer is building a market from the ground up, creating a platform distinct from that which currently exists in the targeted proteomics space. Seer continues to execute against its strategy to expand utilization of its growing installed base, secure additional population-scale cohort and biobank studies, and broaden its addressable markets through product innovation. The Board believes that Seer is well positioned to strengthen its leadership as the preferred unbiased proteomic platform for AI-driven biology, supported by a rich source of robust data, and to capitalize on significant value creation opportunities.
Seer's Proteograph® Product Suite represents a leading platform for scalable, deep, unbiased proteomics. The Company's progress is evidenced by growth in customer adoption, increased utilization and strong external validation. Seer was recently selected as the unbiased proteomics solution for Precision Health Research, Singapore's SGK100 study, highlighting the ability of Seer's platform to enable population-scale deep unbiased proteomics.
The Company continues to pursue opportunities with large biobanks, consistent with its focus on expanding adoption of its scalable, deep, unbiased proteomics solution. Population-scale and biobank studies have served as important lighthouse accounts that can catalyze broader market adoption. More than 80 peer-reviewed publications, including many in top-tier journals, demonstrate the impact of Seer's technology and its growing relevance across the field of proteomics. Seer's leadership position in this space is also supported by 240 issued patents and patent applications worldwide, including 82 issued patents.
The Board is actively overseeing Seer's strategy and holding management accountable for execution. The Board comprises seven highly qualified directors, five of whom are independent, with broad and relevant expertise across biotechnology, life sciences, venture capital, capital allocation, strategic planning, business development and corporate governance.
As previously announced, the Board's Corporate Governance and Nominating Committee will review the proposed director nominees submitted by the Radoff-JEC Group in accordance with the Company's bylaws. The Board will present its formal recommendation regarding the Radoff-JEC Group's nominees in the Company's definitive proxy statement, to be filed with the Securities and Exchange Commission and mailed to all stockholders eligible to vote at the 2026 Annual Meeting of Stockholders. The date of the 2026 Annual Meeting has not yet been announced.
Seer stockholders do not need to take any action at this time.