IGM Biosciences–Concentra Biosciences merger announced July 1, 2025:
Please read the SEC documents regarding this current security and understand that I do own of these shares. This isn’t an offer or solicitation to buy shares.
IGM Biosciences–Concentra Biosciences merger announced July 1, 2025:
https://www.sec.gov/Archives/edgar/data/1496323/000095017025070300/igms-20250331.htm
• Acquirer: Concentra Biosciences (a Tang Capital Partners vehicle)
• Target: IGM Biosciences, a biotech firm focused on IgM-based antibody therapies
• Consideration:• $1.247 in cash per share
• 1 non-tradeable Contingent Value Right (CVR) per share
CVR Mechanics
The CVR gives shareholders potential upside based on two triggers:
1. Net Cash Bonus: If IGM’s closing net cash exceeds $82 million, shareholders get 100% of the excess.
2. Pipeline Monetization: If IGM sells or licenses certain drug candidates or IP within 1 year of closing, shareholders receive 80% of net proceeds
As of March 31, 2025, IGM Biosciences reported $36.9 million in cash and equivalents and $115.2 million in marketable securities, totaling $152.1 million in liquid assets . However, in April 2025, they made an $18 million lease termination payment, which reduced their liquid assets to roughly $134 million A
Covered assets include:
• Imvotamab
• IGM-2644
• Aplitabart (IGM-8444)
• IGM-7354, IGM-8447, IGM-2537 C
📅 Timeline & Conditions
• Tender offer begins by July 16, 2025
• Closing expected in August 2025
• Conditions include:• Majority of voting shares tendered
• At least $82M in net cash at closing
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