On May 3, 2023 Jounce Therapeutics, Inc. (NASDAQ: JNCE) ("Jounce" or the "Company"), a clinical-stage company focused on the discovery and development of novel cancer immunotherapies and predictive biomarkers, reported that Concentra Biosciences, LLC ("Concentra"), through its wholly owned subsidiary Concentra Merger Sub, Inc. ("Concentra Merger Sub"), has successfully completed the previously announced tender offer to acquire all outstanding shares of the common stock of Jounce for $1.85 per share in cash plus a non-tradeable contingent value right (a "CVR") per share (Press release, Jounce Therapeutics, MAY 4, 2023, View Source [SID1234630927]). The $1.85 per share upfront consideration represents a premium of approximately 75% to Jounce’s closing share price immediately prior to the public disclosure of Concentra’s acquisition proposal on March 14, 2023.
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The tender offer expired at 6:00 p.m., Eastern Time, on May 3, 2023. As of the expiration of the offer, 36,367,727 shares of Jounce common stock had been validly tendered and not validly withdrawn from the tender offer, representing approximately 69.09% of the outstanding shares of Jounce common stock. All conditions of the offer were satisfied or waived, and Concentra completed its acquisition of all outstanding shares of Jounce that were validly tendered and not validly withdrawn for the offer price.
Following the closing of the tender offer, Concentra Merger Sub merged with and into Jounce and all shares of Jounce common stock that had not been validly tendered were converted into the right to receive the same $1.85 per share in cash plus one CVR per share (the "Merger"). As a result of the Merger, Jounce became a wholly owned subsidiary of Concentra. Shares of Jounce common stock ceased trading on Nasdaq and Concentra intends promptly to cause such shares to be delisted. Payment will be made promptly to all former Jounce common stockholders regardless of whether they tendered their shares.