IGM Biosciences rises on buyout deal with Concentra Biosciences

IGM Biosciences

01/07/2025 15:01

** Shares of biotech firm IGM Biosciences IGMS.O rise 17% to $1.31

** IGMS says it is being bought by Concentra Biosciences for about $74.97 million in cash, according to Reuters calculation

** IGMS shareholders will get $1.247 in cash for each share they own

** IGMS shareholders will also get right for possible extra money if co has more than $82 million in cash at closing or sells certain assets within one year

** Deal expected to close next month

** Wilson Sonsini is IGMS's legal advisor

** Including session's move, stock down 78.7% YTD

 (Reporting by Kamal Choudhury in Bengaluru)

 ((Kamal.Choudhury@thomsonreuters.com;))