Jounce Therapeutics surges on buyout bid

Redx Pharma

15/03/2023 14:18

(Updates)
    ** Shares of Jounce Therapeutics  JNCE.O  surge 41.5% to
$1.51 - biggest one-day pct. gain in about 2-1/2 years 
        ** Co receives unsolicited offer from private firm
Concentra Biosciences for $1.80/shr, premium of nearly 70% to
JNCE's last closing price
    ** Offer also has a contingent value right for 80% of net
proceeds payable and is based on the availability of at least
$130 mln cash and cash equivalents at JNCE
    ** While Tang Capital Partners holds 10.2% stake in JNCE, it
is a controlling shareholder in Concentra
    ** JNCE had announced an all-share $425 mln merger deal with
British biotech firm Redx Pharma plc  REDX.L  last month
    ** Two of 3 brokerages rate the stock "hold", 1 "buy"; their
median PT is $4
    ** JNCE shares were down 86% last year 

 (Reporting by Leroy Leo and Khushi Mandowara in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))