Concentra Biosciences Acquires iTeos Therapeutics in a $236.19 Million Deal

iTeos Therapeutics, Inc. (ITOS) entered a merger agreement on July 21, 2025, to be acquired by Concentra Biosciences, LLC in a deal valued at $236.19 million.

Deal Structure:

As part of the merger, Concentra Biosciences will acquire iTeos for $10.047 in cash per share of iTeos common stock, plus one non-transferable contingent value right (CVR), which represents the right to receive:

1. 100% of the closing net cash of iTeos in excess of $475 million; and
2. 80% of any net proceeds received from any disposition of certain of iTeos’ product candidates that occurs within six months following the closing.

The cash consideration of $10.047 per share represents a 2.08% discount from the stock’s last close.

Company Profile:

iTeos is a clinical-stage biopharmaceutical company developing innovative cancer therapies that enhance the immune system’s ability to fight tumors more effectively. Its pipeline includes drugs targeting A2A receptors, which act like brakes on immune cells, and TIGIT, a protein that cancers use to evade the immune system. Headquartered in Watertown, Massachusetts, with an office in Gosselies, Belgium, iTeos is advancing these treatments through clinical trials.

Deal Details and Timeline:

Concentra will commence a tender offer by August 1, 2025, to acquire all outstanding shares of iTeos common stock for the Offer Consideration.

The deal is expected to close in the third quarter of 2025.

iTeos received financial advice from TD Cowen and legal counsel from Ropes & Gray, while Concentra was advised on legal matters by Gibson, Dunn & Crutcher.

Deal Metrics:

For more details about this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of iTeos Therapeutics, Inc. (ITOS) by Concentra Biosciences, LLC

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Each event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.

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Editor’s Note: Baranjot Kaur contributed to this article