Jounce Therapeutics jumps on agreeing to buyout by Concentra

Redx Pharma

27/03/2023 15:40

** Jounce Therapeutics Inc's  JNCE.O  shares soar 23.1% to
$1.86 
    ** JNCE has agreed to be acquired by privately held
Concentra Biosciences for $96.46 million, and withdrawn its
earlier recommendation for merger with British biotech firm Redx
Pharma  REDX.L 
    ** Concentra, which is controlled by Jounce investor Tang
Capital Partners, provides an upfront payment of $1.85 per share
to Jounce's shareholders, which represents a 22.5% premium over
the last close
    ** The deal also involves a workforce reduction of about 84%
of JNCE's employees
    ** The acquisition is expected to close in the second
quarter of 2023
    ** JNCE up ~66.6% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))