BRIEF—Theseus Pharma finds takeover bid from Concentra acceptable

Shares of Theseus Pharmaceuticals rose 7% to $3.96 pre-market, on the news that it has received a takeover bid from Concentra Biosciences, in an all-cash deal worth at least $172.5 million.

Following a thorough review process conducted with the assistance of its legal and financial advisors, Theseus said its board of directors has determined that the acquisition by Concentra – of which Tang Capital Partners, is the controlling shareholder – is in the best interests of all Theseus shareholders, and has unanimously approved the merger agreement.

Just last month, after it laid off almost three-quarters of its staff, Theseus said it had received an offer from VC firms Foresite and Orbimed.