Reneo Pharma rises on Concerta's $60 mln acquisition offer

Onkure Therapeutics

27/12/2023 12:37

** Shares of drug developer Reneo Pharmaceuticals  RPHM.O 
rise 13.5% to $1.60 premarket
    ** Co received acquisition proposal from privately held
Concentra Biosciences, which is an affiliate of investor Tang
Capital Partners, in a deal valued at about $60 mln
    ** Concerta to pay $1.80 per share in cash, which represents
a 28.6% premium to RPHM's last closing price, plus a contingent
value right
    ** Concerta had nearly a 10% stake in RPHM as of Nov. 14,
and it expects to negotiate a definitive merger agreement within
two weeks
    ** Shares fell 82% on Dec 14 after co's lead experimental
drug  mavodelpar failed to meet the main goal of a study testing
it in a group of muscle conditions known as primary
mitochondrial myopathies
    ** Up to last close, stock down 39.9% YTD

 (Reporting by Sneha  S K)
 ((Sneha.SK@thomsonreuters.com;))