Tang’s Concentra snaps up Kronos in buying spree
Title
Tang Capital’s Concentra Biosciences Acquires Kronos Bio in Strategic Biotech Buyout
Keywords
- Tang Capital
- Concentra Biosciences
- Kronos Bio
- biotech acquisition
- merger agreement
- Norbert Bischofberger
- contingent value right
- tender offer
- pharmaceutical M&A
- buyout
Key Facts
- Kronos Bio, a biotech company led by Gilead veteran Norbert Bischofberger, has agreed to be acquired by Tang Capital's shell company, Concentra Biosciences123.
- The acquisition price is $0.57 per share in cash for Kronos Bio common stock, plus one non-tradeable contingent value right for shareholders23.
- The Kronos Bio board unanimously approved the merger agreement, citing that the deal represents the best interests of shareholders23.
- A wholly owned subsidiary of Concentra will launch a tender offer by May 15, 2025, to acquire all outstanding shares of Kronos Bio2.
- The acquisition follows Kronos Bio’s search for strategic alternatives and signals Tang Capital’s continued interest in consolidating biotech assets through Concentra12.
- Concentra previously made acquisition overtures to other biotech companies, such as Acelyrin, indicating an ongoing buying spree in the sector45.
Sources:
1. https://endpts.com/after-hunt-for-alternatives-kronos-bio-selects-tang-capitals-concentra-for-a-deal/
2. https://www.nasdaq.com/articles/concentra-acquire-kronos-bio
3. https://ir.kronosbio.com/news-releases/news-release-details/kronos-bio-enters-agreement-be-acquired-concentra-biosciences
4. https://endpts.com/acelyrin-rejects-buyout-offer-from-tangs-concentra-sticks-to-alumis-merger/
5. https://firstwordpharma.com/river/tag/fw_company/Concentra%20Biosciences