iTeos Therapeutics (ITOS) said Monday that it has agreed to be acquired by Concentra Biosciences for $10.047 per share in cash and a contingent value right.

The iTeos board of directors has unanimously determined that the acquisition by Concentra is in the best interests of all iTeos stockholders, it said.

Concentra will commence a tender offer by Aug. 1 to acquire all iTeos' outstanding shares, and the deal is expected to close by Q3, the company said.

The offer will close only if a majority of iTeos shares are tendered, including those already held by Concentra and its affiliates, at least $475 million in cash is available at closing, and other standard conditions are met, iTeos said.