Jounce confirms unsolicited rival bid from Concentra
The planned merger of Jounce Therapeutics (Nasdaq: JNCE) and UK-based Redx Pharma (AIM: REDX) came under threat yesterday, when Jounce confirmed that it has received an unsolicited offer from Concentra Biosciences to acquire 100% of the company.
US biotech Jounce’s shares were up 37% in early trading at $1.46 per share on Wednesday, compared with Tuesday closing price of $1.06.
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 and is based on the availability of at least $130 million of cash and cash equivalents at closing, net of any tail and closing costs.
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