Kronos Bio (KRON) said Thursday it agreed to be acquired by Concentra Biosciences for $0.57 in cash per share, plus a non-tradeable contingent value right.
The CVR entitles holders to potential future payments based on the proceeds from certain asset dispositions and realized cost savings, subject to specific terms laid out in the agreement.
A Concentra subsidiary is expected to commence a tender offer by May 15.
The transaction is anticipated to close by mid-2025, Kronos Bio said.
Shares of Kronos were down nearly 23% in recent trading.
Price: 0.69, Change: -0.20, Percent Change: -22.64
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