Theseus Pharma rises after joint buyout offer from top stakeholders

Theseus Pharmaceuticals

27/11/2023 12:13

** Shares of cancer drug developer Theseus Pharmaceuticals
 THRX.O  rise 5.3% to $3.81 premarket 
    ** Co says it has received a joint acquisition proposal from
investment firm Foresite Capital LLC and healthcare-focused
private equity firm OrbiMed Advisors LLC 
    ** OrbiMed and Foresite, its top stakeholders at present,
holds 40% and 12.4% stake in THRX respectively     
    ** Investment firm Tang Capital Partners LP, which holds a
7% stake in THRX, had earlier sent an acquisition proposal to
Theseus through its affiliate Concentra
    ** Concentra has offered to buy THRX for $3.80 per share in
cash, plus a contingent value right 
     ** THRX had said earlier this month it was exploring
strategic alternatives, including a potential sale of the
company and announced a workforce reduction of about 72%
    ** Up to last close, stock down ~27.3% YTD 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))