Kronos Bio, Inc. (NASDAQ:KRON), a biopharmaceutical firm specializing in small molecule therapeutics for cancer and other diseases, announced today it has reached a definitive merger agreement with Concentra Biosciences, LLC. Under the terms of the agreement, Concentra will acquire Kronos Bio for $0.57 per share in cash, along with one non-tradeable contingent value right (CVR) per share. The offer represents a significant discount to the current trading price of $0.89 per share.
The CVR entitles shareholders to receive a portion of net proceeds from the sale of specific product candidates and realized cost savings over a set period following the merger’s completion. The transaction was unanimously approved by the Kronos Bio Board of Directors after a review process aided by financial and legal advisors.
A tender offer to acquire all outstanding shares of Kronos Bio is set to commence by May 15, 2025, with the merger expected to finalize mid-2025, subject to customary closing conditions. These include the tender of a majority of Kronos Bio’s outstanding shares and the availability of at least $40 million in net cash at closing. Officers, directors, and affiliates holding approximately 27% of Kronos Bio’s common stock have committed to support the merger through tender and support agreements.
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