Core Viewpoint - CARGO Therapeutics has entered into a definitive merger agreement with Concentra Biosciences, where Concentra will acquire CARGO for $4.379 per share in cash, along with contingent value rights [1][2] Group 1: Merger Agreement Details - The acquisition price includes $4.379 in cash per share of CARGO common stock and one non-transferable contingent value right (CVR) [1] - The CVR entitles holders to receive 100% of CARGO's net cash exceeding $217.5 million and 80% of net proceeds from certain product candidates sold within two years post-closing [1] - The CARGO board unanimously approved the merger, deeming it in the best interests of all stockholders [2] Group 2: Tender Offer Process - Concentra will initiate a tender offer by July 21, 2025, to acquire all outstanding shares of CARGO common stock [3] - The closing of the offer is contingent upon the tender of a majority of outstanding shares and the availability of at least $217.5 million in cash at closing [3] - Approximately 17.4% of CARGO common stockholders have signed agreements to support the merger and tender their shares [3] Group 3: Advisors - TD Cowen is serving as the exclusive financial advisor to CARGO, while Latham & Watkins LLP is providing legal counsel to CARGO [4] - Gibson, Dunn & Crutcher LLP is acting as legal counsel to Concentra [4] Group 4: Company Background - CARGO Therapeutics is a biotechnology company focused on developing CAR T-cell therapies for cancer patients [5]
CARGO Therapeutics Enters into Agreement to Be Acquired by Concentra Biosciences for $4.379 in Cash per Share Plus a Contingent Value Right