IGM Biosciences Merges with Concentra Biosciences for $1.247 per Share

IGM Biosciences, a micro-cap cancer drug developer, has agreed to be acquired by Concentra Biosciences for $1.247 per share in cash upfront plus a non-tradeable CVR. The deal resulted in a 21% increase in IGM's stock price. Concentra is an entity controlled by hedge fund Tang.

Mountain View, Calif., June 19, 2025 -- IGM Biosciences, Inc. (Nasdaq: IGMS), a biotechnology company focused on developing engineered IgM-based therapeutic antibodies, has agreed to be acquired by Concentra Biosciences, LLC. The acquisition, announced on July 1, 2025, is expected to result in a significant increase in IGM Biosciences' stock price [2].

Under the terms of the definitive merger agreement, Concentra will acquire IGM Biosciences for $1.247 in cash per share, plus a non-tradeable contingent value right (CVR). The CVR entitles shareholders to receive 100% of IGM Biosciences' closing net cash exceeding $82 million and 80% of any net proceeds from the disposition of certain product candidates and intellectual property within one year following the closing [1].

The IGM Biosciences Board of Directors has unanimously approved the acquisition, determining it to be in the best interests of all stockholders. Concentra is expected to commence a tender offer by July 16, 2025, to acquire all outstanding shares of IGM common stock. The merger is subject to customary closing conditions, including the tender of voting common stock representing at least a majority of outstanding shares and the availability of at least $82 million in cash at closing. The transaction is expected to close in August 2025 [1].

The acquisition comes as a significant boost to IGM Biosciences' stock price, which surged by 21% after the announcement [2]. Concentra is an entity controlled by hedge fund Tang, indicating a strategic move to bolster its portfolio in the biotechnology sector.

IGM Biosciences has focused on developing engineered IgM-based therapeutic antibodies, which are a promising area in the fight against various cancers. Wilson Sonsini Goodrich & Rosati is serving as legal counsel to IGM Biosciences, while Gibson, Dunn & Crutcher is acting as legal counsel to Concentra [1, 2].

References:
[1] https://www.globenewswire.com/news-release/2025/07/01/3108348/0/en/IGM-Biosciences-Enters-into-Agreement-to-Be-Acquired-by-Concentra-Biosciences-for-1-247-in-Cash-per-Share-Plus-a-Contingent-Value-Right.html
[2] https://www.investing.com/news/stock-market-news/igm-biosciences-stock-soars-after-concentra-acquisition-deal-93CH-4119463