Cargo Therapeutics rises on Concentra Biosciences' buyout deal

CARGO Therapeutics

08/07/2025 13:07

** Shares of drug developer Cargo Therapeutics CRGX.O up 9.6% at $4.81 premarket

** Concentra Biosciences to buy CRGX in an all-cash deal valued at about $201.97 million

** The offer values CRGX at $4.38 per share plus a non-transferable contingent value right (CVR)

** CVR is tied to 80% of any net proceeds from certain drugs of CRGX's within two years of the deal and 100% of the closing net cash of co exceeding $217.5 million

** The merger transaction is expected to close in August 2025 - CRGX

** As of last close, stock down 69.56% YTD

(Reporting by Siddhi Mahatole)

((siddhi.mahatole@thomsonreuters.com))