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iTeos Therapeutics Enters into Agreement to Be Acquired by Concentra Biosciences for $10.047 in Cash per Share Plus a Contingent Value Right

Core Viewpoint - iTeos Therapeutics, Inc. has entered into a definitive merger agreement with Concentra Biosciences, LLC, where Concentra will acquire iTeos for $10.047 per share in cash, along with a contingent value right (CVR) [1][2][3] Group 1: Merger Agreement Details - The acquisition price includes $10.047 in cash per share of iTeos common stock and a CVR that entitles shareholders to 100% of iTeos' net cash exceeding $475 million and 80% of net proceeds from certain product candidates sold within six months post-closing [1][3] - The iTeos board of directors unanimously approved the merger, determining it to be in the best interests of all stockholders after a strategic review [2] - Concentra will initiate a tender offer by August 1, 2025, to acquire all outstanding shares of iTeos common stock, with the transaction expected to close in the third quarter of 2025, subject to customary closing conditions [3] Group 2: Conditions and Advisors - The closing of the offer is contingent upon the tender of shares representing at least a majority of outstanding shares and the availability of at least $475 million in cash at closing [3] - TD Cowen is serving as the exclusive financial advisor to iTeos, while Ropes & Gray LLP is providing legal counsel to iTeos, and Gibson, Dunn & Crutcher LLP is acting as legal counsel to Concentra [4]