iTeos to Be Acquired by Concentra Biosciences in Strategic Merger
Deal News | Jul 23, 2025 | Ropes & Gray
Ropes & Gray advised iTeos Therapeutics in a definitive merger agreement with Concentra Biosciences, LLC. Concentra plans to acquire iTeos for $10.047 in cash per share of iTeos common stock, in addition to one non-transferable contingent value right (CVR). The CVR grants the right to receive 100% of the closing net cash of iTeos in excess of $475 million, and 80% of net proceeds from the sale of certain iTeos product candidates within six months post-closing. This transaction was announced on July 21. The deal team at Ropes & Gray was led by M&A and capital markets partner Will Michener, M&A and capital markets counsel Nick Roper, with M&A partner Chris Comeau, tax partner David Saltzman, and employment partner Renata Ferrari.
Sectors
- Biotechnology
- Legal Services
- Mergers & Acquisitions
Geography
- United States – iTeos Therapeutics is based in the U.S., and the legal advisory firm, Ropes & Gray, is also headquartered in the U.S.
Industry
- Biotechnology – The article involves iTeos Therapeutics, a company specializing in biotechnological products and research.
- Legal Services – Ropes & Gray is a law firm providing legal advisory in the merger agreement, highlighting the legal services industry.
- Mergers & Acquisitions – This transaction between iTeos and Concentra falls under the M&A industry classification.
Financials
- 10.047 – Cash per share of iTeos common stock offered by Concentra Biosciences.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ropes & Gray | Legal Advisor | Company | Ropes & Gray is an international law firm serving as legal advisor in the merger agreement. |
| iTeos Therapeutics | Target Company | Company | iTeos Therapeutics is a biotechnology firm being acquired by Concentra Biosciences. |
| Concentra Biosciences, LLC | Bidding Company | Company | Concentra Biosciences, LLC is the acquiring firm in the merger with iTeos Therapeutics. |
| Will Michener | M&A and Capital Markets Partner | Person | A partner at Ropes & Gray leading the deal team for the merger. |
| Nick Roper | M&A and Capital Markets Counsel | Person | Part of the M&A and capital markets counsel team at Ropes & Gray for the merger. |
| Chris Comeau | M&A Partner | Person | An M&A partner at Ropes & Gray involved in the merger. |
| David Saltzman | Tax Partner | Person | A tax partner at Ropes & Gray contributing to the merger agreement. |
| Renata Ferrari | Employment, Executive Compensation & Benefits Partner | Person | An employment, executive compensation & benefits partner at Ropes & Gray involved in the merger. |