Atea con­firms un­so­licit­ed cash pro­pos­al from Tang Cap­i­tal’s Con­cen­tra, the shell buy­ing Jounce Ther­a­peu­tics

Atea Phar­ma­ceu­ti­cals, which went pub­lic in the fall of 2020 with the hopes of treat­ing Covid-19 and oth­er in­fec­tious dis­eases but has since strug­gled, said it has re­ceived an un­so­licit­ed pro­pos­al from Tang Cap­i­tal’s Con­cen­tra Bio­sciences, a new­ly formed com­pa­ny that is in the process of al­so ac­quir­ing Jounce Ther­a­peu­tics.

The Boston biotech con­firmed what had been spec­u­lat­ed on Mon­day, which sent the com­pa­ny’s shares $AVIR soar­ing. They fell about 2.5% on Tues­day to about $4.9.

To read Endpoints News become a free subscriber

Unlock this article instantly, along with access to limited free monthly articles and our suite of newsletters

SIGN UP LOG IN