Jounce Therapeutics surges on unsolicited offer of 70% premium
15/03/2023 09:55
** Shares of Jounce Therapeutics JNCE.O surge ~36% to
$1.44 premarket after co receives unsolicited offer from private
firm Concentra Biosciences
** Concentra's offer is for $1.80 per share, a 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 million 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 million 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
** Up to Tuesday's close, JNCE shares had fallen 85% in the
last one year
(Reporting by Leroy Leo in Bengaluru)
((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))