Concentra Biosciences, LLC announced that it entered into an agreement to acquire iTeos Therapeutics for more than $434.4 million.
iTeos Therapeutics is a clinical-stage biopharmaceutical company pioneering the discovery and development of a new generation of immuno-oncology therapeutics for patients. iTeos Therapeutics leverages its deep understanding of tumor immunology and immunosuppressive pathways to design novel product candidates with the potential to restore the immune response against cancer. According to iTeos Therapeutics’ financial reports, the company reported $35 million in revenue for the full year 2024.
Concentra Biosciences is owned by Tang Capital Partners, a life sciences-focused investment company. The company was founded in 1979 and is headquartered in San Diego, California.
TD Cowen is acting as exclusive financial advisor to iTeos and Ropes & Gray LLP is acting as legal counsel to iTeos. Gibson, Dunn & Crutcher LLP is acting as legal counsel to Concentra.
Concentra Biosciences will acquire iTeos for $10.047 in cash per share of iTeos common stock par value $0.001 per share, plus one non-transferable contingent value right, which represents the right to receive 100% of the closing net cash of iTeos in excess of $475 million and 80% of any net proceeds received from any disposition of certain of iTeos’ product candidates that occurs within six months following the closing. Based on the 43,241,341 common stock shares that iTeos Therapeutics had on July 21, 2024, the price is $434,445,753.
According to data captured in the LevinPro HC database, this transaction represents the 78th Biotechnology transaction of 2025. Throughout 2024, there were 135 Biotechnology transactions announced, and 160 in 2023.
