Kronos Bio Set to Go Private in Acquisition by Concentra
Deal News | May 01, 2025 | Goodwin
Kronos Bio, a biopharmaceutical company specializing in the development of therapeutics targeting deregulated transcription in cancer and autoimmune diseases, has reached a definitive merger agreement with Concentra Biosciences. Concentra will acquire Kronos Bio for $0.57 per share in cash plus a non-tradeable contingent value right. This right entitles holders to receive a portion of proceeds from the potential disposition of Kronos Bio's product candidates and cost savings. The Kronos Bio Board of Directors has approved the merger, deeming it beneficial for shareholders. Concentra plans to begin a tender offer for all outstanding shares by May 2025, with the merger expecting to conclude in mid-2025. The advisory team from Goodwin led the counsel on this transaction.
Sectors
- Biotechnology
- Mergers and Acquisitions
Geography
- United States – Kronos Bio, the target company, is based in Cambridge, MA, and the acquisition involves US-based participants.
Industry
- Biotechnology – Kronos Bio operates within the biotechnology sector, focusing on biopharmaceuticals for cancer and autoimmune diseases.
- Mergers and Acquisitions – The article discusses a merger agreement between two companies in the biotechnology sector.
Financials
- $0.57 – Per share cash offer for Kronos Bio common stock in the acquisition.
- $40.0 million – Minimum cash availability requirement for closing the deal, net of transaction costs.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kronos Bio | Target Company | Company | Biopharmaceutical firm focused on therapeutic interventions for cancer and autoimmune disorders. |
| Concentra Biosciences | Bidding Company | Company | Acquiring firm set to take Kronos Bio private. |
| Goodwin | Legal Advisor | Company | Provided legal advice to Kronos Bio for the merger. |
| Mike Patrone | Legal Advisor | Person | Led the Goodwin team advising Kronos Bio. |