InsideArbitrage Event Driven Monitor – July 22, 2025
Merger Arbitrage
- ITOS: The acquisition of iTeos Therapeutics, Inc. (ITOS) by Concentra Biosciences, LLC for a closing value of $236.19 million. Under the terms of the agreement, 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: 100% of the closing net cash of iTeos in excess of $475 million; and 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. (Press Release)
- ZIMV: The acquisition of ZimVie Inc. (ZIMV) by ARCHIMED for a closing value of $730 million. Under the terms of the agreement, ZimVie stockholders will receive $19 in cash for each share of ZimVie common stock, representing a premium of 125.12% from the stock’s last close. (Press Release)
- CORZ: Bloomberg reported that CoreWeave (CRWV) is offering $1.5 billion of senior notes that will be used in part to refinance debt. Initial price talk for the junk bond is for a yield in the low-9% range.
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