- The Board of Directors of Jounce Therapeutics Inc JNCE confirmed that Concentra Biosciences LLC made an unsolicited and non-binding proposal to acquire 100% of the equity of Jounce.
- Tang Capital Partners LP is the controlling shareholder of Concentra Biosciences. Tang Capital is approximately a 10.2% shareholder of Jounce.
- The Proposal consists of $1.80 in cash per share plus a contingent value right (CVR) representing the right to receive 80% of the net proceeds payable from any license or disposition of certain of Jounce's legacy programs (the "CVR Products").
- The Proposal is subject to limited confirmatory due diligence. It is based on the availability of at least $130 million of cash and cash equivalents.
- Last month, Redx Pharma and Jounce Therapeutics agreed to merge via a proposed all-share transaction.
- Redx is a clinical-stage biotechnology company focused on discovering and developing small molecule, targeted therapeutics for cancer and fibrotic diseases and cancer-associated fibrosis.
- Price Action: JNCE shares are up 44.40% at $1.53 on the last check Wednesday.
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