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Investing.com -- IGM Biosciences Inc (NASDAQ:IGMS) stock surged 20% after the biotechnology company announced it has entered into a definitive merger agreement to be acquired by Concentra Biosciences.
Under the terms of the deal, Concentra will acquire IGM Biosciences for $1.247 in cash per share, plus one non-tradeable contingent value right (CVR). The CVR entitles shareholders to receive 100% of IGM’s closing net cash exceeding $82 million and 80% of any net proceeds from the disposition of certain product candidates and intellectual property within one year following the closing.
The IGM Biosciences Board of Directors has unanimously approved the acquisition, determining it to be in the best interests of all stockholders. Concentra will commence a tender offer by July 16, 2025, to acquire all outstanding shares of IGM common stock.
The merger is subject to customary closing conditions, including the tender of voting common stock representing at least a majority of outstanding shares and the availability of at least $82 million in cash at closing. The transaction is expected to close in August 2025.
IGM Biosciences has focused on developing engineered IgM-based therapeutic antibodies. Wilson Sonsini Goodrich & Rosati is serving as legal counsel to IGM Biosciences, while Gibson, Dunn & Crutcher is acting as legal counsel to Concentra.
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