Kronos Bio Enters into Agreement to Be Acquired by Concentra Biosciences for $0.57 in Cash per Share Plus a Contingent Value Right

Core Points - Kronos Bio, Inc. has entered into a definitive merger agreement with Concentra Biosciences, LLC, where Concentra will acquire Kronos Bio for $0.57 in cash per share, plus a non-tradeable contingent value right (CVR) [1][2] - The CVR entitles shareholders to a percentage of net proceeds from the disposition of certain product candidates and cost savings realized before and after the merger closing [1] - The Kronos Bio Board of Directors has approved the merger, determining it to be in the best interests of all shareholders [2] Merger Details - A wholly owned subsidiary of Concentra will commence a tender offer by May 15, 2025, to acquire all outstanding shares of Kronos Bio Common Stock [3] - The closing of the offer is contingent upon certain conditions, including the tender of a majority of outstanding shares and the availability of at least $40 million in cash at closing [3] - Approximately 27% of Kronos Bio Common Stock is held by officers, directors, and affiliates who have agreed to tender their shares in support of the merger [3] Company Background - Kronos Bio is a biopharmaceutical company focused on developing small molecule therapeutics targeting deregulated transcription, which is associated with cancer and autoimmune diseases [4]