Farokhzad, who serves as both chief executive and chair, submitted the proposal shortly after markets closed last Thursday. In response, Seer’s board of directors announced the formation of a special committee composed of independent directors tasked with vetting the offer alongside other potential strategic alternatives.

This latest bid arrives on the heels of failed attempts by minority shareholders to acquire the company. The board previously turned down a $2.40-per-share offer from those investors, signaling a higher threshold for any potential privatization deal.