Tang Cap­i­tal con­tin­ues biotech buy­ing spree with ac­qui­si­tion bid for Rain On­col­o­gy

Cal­i­for­nia in­vest­ment group Tang Cap­i­tal Man­age­ment has made its third takeover bid of the year for a strug­gling biotech, this time aimed at US com­pa­ny Rain On­col­o­gy af­ter a Phase III set­back ear­li­er this year.

Tang Cap­i­tal cur­rent­ly has a 14.6% stake in Rain. But its shell com­pa­ny Con­cen­tra has of­fered to buy the biotech for $1.25 per share, plus a con­tin­gent val­ue right for 80% of net pro­ceeds from any li­cense or dis­pos­al of Rain’s pro­grams.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER