Concentra Biosciences, LLC submits a non-binding proposal to acquire Rain Oncology Inc. from Tang Capital Partners, LP, managed by Tang Capital Management, LLC and others for $45.5 million.

Concentra Biosciences, LLC submits a non-binding proposal to acquire Rain Oncology Inc. (NasdaqGS:RAIN) from Tang Capital Partners, LP, managed by Tang Capital Management, LLC and others for $45.5 million on October 13, 2023. Concentra Biosciences will acquire Rain Oncology Inc. for $1.25 per share in cash, plus a contingent value right (?CVR?) representing the right to receive 80% of the net proceeds payable from any license or disposition of Rain Oncology?s programs. The offer will expire by 5pm ET on October 20, 2023. The proposal is subject to limited confirmatory due diligence and is based on the availability of at least $55 million of cash and cash equivalents at closing, net of any residual liabilities and closing costs.

The transaction is expect to complete due diligence and negotiate a definitive merger agreement by October 31, 2023 and to close acquisition through a cash tender by December 31, 2023. As of October 16, 2023, Rain Oncology, Inc. confirmed that it has received an unsolicited proposal from Tang Capital, LP on behalf of Concentra Biosciences LLC.