Pliant Therapeutics (PLRX) said Thursday that its board of directors has approved a limited duration shareholder rights agreement.

The company said the move is in response to recent open market accumulation of its common stock and is intended to prevent any attempt to gain control of the company without its approval.

Under the rights agreement, set to expire on March 11, 2026, Pliant said it will issue one preferred share purchase right for each outstanding share to stockholders of record as of March 25.

Shares of Pliant were up nearly 2% in recent premarket activity.