Jounce faces hostile takeover bid from minority stakeholder
Cancer biotech Jounce Therapeutics has gotten a hostile takeover bid from Concentra Biosciences, a San Diego company backed by Tang Capital Partners.
Tang Capital is also a shareholder in Jounce, owning just over 10% of its shares, which according to SEC documents were all purchased in the last two months. But Jounce already has a merger agreement with Redx Pharma that it announced in February and was expected to complete in the second quarter of this year. Through that merger, Redx was planning to jump on the Nasdaq.
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