Concentra Biosciences to acquire iTeos Therapeutics for $10.047 per share

iTeos Therapeutics Inc. (ITOS) announced it entered into a definitive merger agreement with Concentra Biosciences LLC for $10.047 in cash per share plus a contingent value right.

The contingent value right provides shareholders with 100% of iTeos’ closing net cash exceeding $475 million and 80% of net proceeds from dispositions of certain product candidates within six months of closing.

The iTeos board of directors unanimously approved the transaction following a strategic review process conducted with management and advisors.

Concentra will commence a tender offer by August 1, 2025, to acquire all outstanding iTeos common stock. The offer requires tendering of shares representing at least a majority of outstanding shares, along with iTeos maintaining minimum net cash of $475 million at closing and other customary conditions.

Following the tender offer closing, iTeos will be acquired by Concentra. Remaining shares not tendered will convert to the same consideration per share, except for shares owned by the companies or holders demanding appraisal rights.

The transaction is expected to close in the third quarter of 2025, subject to satisfaction or waiver of closing conditions.

TD Cowen serves as iTeos’ exclusive financial advisor, with Ropes & Gray LLP as legal counsel. Gibson, Dunn & Crutcher LLP represents Concentra.