Why 2023 was the year of un­so­licit­ed ac­qui­si­tion bids — and why next year like­ly won’t be

In a year with a no­table num­ber of un­so­licit­ed ac­qui­si­tion bids, one com­pa­ny stood out as 2023’s se­r­i­al bid­der.

Tang Cap­i­tal Man­age­ment — through its shell Con­cen­tra — made five un­so­licit­ed of­fers through­out the year for Atea Phar­ma­ceu­ti­cals, Jounce Ther­a­peu­tics, Lian­Bio, Rain On­col­o­gy and The­seus Phar­ma­ceu­ti­cals. The in­vest­ment group, based out of Cal­i­for­nia and led by Kevin Tang, is a mi­nor­i­ty share­hold­er in all of these tar­gets.

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