Why Jounce Therapeutics (JNCE) Shares Are Trading Higher Today

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.

Why Jounce Therapeutics Stock Is Moving Higher Today?