Theseus Pharma rises on buyout offer from Concentra

Theseus Pharmaceuticals

24/11/2023 19:23

** Shares of Theseus Pharmaceuticals  THRX.O  up 5.5% at
$3.82 after market
    ** Investment firm Tang Capital Partners LP, which holds a
7% stake in THRX, says its affiliate Concentra has sent an
acquisition proposal to Theseus
    ** Concentra has offered to buy THRX for $3.80 per share in
cash, plus a contingent value right - regulatory filing
    ** Proposal price of $3.80 per share is at a 5% premium to
stock's last close
    ** THRX has until Dec. 1 to respond to Concentra's proposal
    ** On Nov. 13, THRX had said it was exploring strategic
alternatives, including a potential sale of the company and
announced a workforce reduction of about 72% 
    ** Earlier this year, THRX had terminated development of its
experimental drug to treat stomach cancer after two drug-related
toxicities were identified in a study
    ** As of last close, stock down 27% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))