BRIEF—Atea Pharma rejects takeover bid from Concentra

Atea Pharmaceuticals today announced that its board of directors unanimously rejected the unsolicited proposal from Tang Capital Partners, on behalf of Concentra Biosciences, to acquire all outstanding common shares of Atea for $5.75 per share in cash, plus a contingent value right representing the right to receive 80% of the net proceeds payable from any license or disposition of Atea’s programs.

After careful review and consideration with its independent financial and legal advisors, the Atea board of directors unanimously concluded that the proposal fundamentally undervalues the company and is not in the best interests of Atea or its shareholders.

In March this year, Concentra also made an unsolicited bid for Jounce Therapeutics, valued at around $425 million, which was accepted, in preference to an approach from Redx Pharma.