Jounce opts to join Concentra and reject Redx

Cancer immunotherapies and predictive biomarkers company Jounce Therapeutics (Nasdaq: JNCE) has agreed to be acquired by Concentra Biosciences for $1.85 in cash per share plus a non-tradeable contingent value right (CVR).

This decision will come as a setback for UK-based Redx Pharma (AIM: REDX), which Jounce had recommended a business combination with in February via a proposed all share merger transaction, valued at around $425 million.

Less than a month later, Concentra Biosciences came in with an unsolicited offer to acquire 100% of Jounce, which had been struggling to finance further development of its immunotherapy candidates alone.