Reneo Pharma up on acquisition offer from Concentra Biosciences

LianBio

26/12/2023 22:47

** Shares of drug developer Reneo Pharmaceuticals  RPHM.O 
rise 12.86% to $1.57 in aftermarket trading
    ** Investor Tang Capital Partners' affiliate, privately held
Concentra Biosciences, sent acquisition proposal to Reneo -
filing
    ** Submits non-binding proposal to acquire 100% of equity of
RPHM for $1.80 per share in cash, plus contingent value right
     ** Tang Capital Partners intends to engage in discussions
with RPHM concerning acquisition proposal
    ** The investor reports a 9.996% stake in RPHM as of Nov. 14
    ** On Nov 30, Concentra sent an acquisition proposal to
China-focused biopharma firm LianBio  LIAN.O  
    ** RPHM stock down ~40% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))