Tuesday, November 24,  2:58 am

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Biopharmaceutical company Avigen Inc. is prepared to liquidate if its shareholders do not accept the terms of a hostile bid from majority shareholder BioTechnology Value Fund LP.

Alameda, Calif.-based Avigen announced Thursday that if BVF's nominees are not elected to its board at a Friday stockholder meeting, it will submit a plan for liquidation to stockholders rather than continue the auction process. San Francisco-based BVF's bid of $1.20 per share, or $36 million, requires Avigen's board to be restructured according to BVF's recommendations.

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