Jounce nix­es Redx of­fer as I/O biotech in­stead goes with Con­cen­tra Bio­sciences’ takeover bid

A mi­nor­i­ty share­hold­er has won out in the Jounce Ther­a­peu­tics takeover bat­tle, with the once-am­bi­tious im­munother­a­py biotech now choos­ing to be ac­quired by Kevin Tang’s Con­cen­tra Bio­sciences rather than fol­low through with an al­ready-an­nounced deal that would have brought the UK’s Redx on­to Nas­daq.

Via its new merg­er part­ner, Jounce is ex­pect­ed to get $1.85 per share from Con­cen­tra, which was formed by Tang Cap­i­tal Part­ners, the own­er of about 10% of Jounce shares. Two weeks ago, Con­cen­tra laid out a $1.80 per share pro­pos­al plus more for the abil­i­ty to swoop up 80% of pro­ceeds from li­cens­es of lega­cy pro­grams out of Jounce’s pipeline.

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