Concentra Biosciences, LLC submitted a non-binding proposal to acquire Reneo Pharmaceuticals, Inc. (NasdaqGM:RPHM) for $60 million on December 26, 2023. As reported, Concentra Biosciences will acquire Reneo Pharmaceuticals, Inc. for $1.80 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 Reneo?s programs. The proposal is subject to limited confirmatory due diligence, as well as the execution of a definitive merger agreement and is based on the availability of at least $75 million of cash and cash equivalents at closing, net of any residual liabilities and closing costs. Concentra Biosciences expects to complete due diligence and negotiate a definitive merger agreement within 2 weeks of engaging with Reneo Pharmaceuticals and close an acquisition through a cash tender within 2 months of executing a definitive merger agreement.

The current offer will expire on January 5, 2024.