Concentra Biosciences Resumes Aggressive Biotech Deals After a Quiet 2024

Concentra, After a Steady 2024, is Back for Dealmaking with Many Biotech Firms

Concentra Biosciences Comeback

One of the busiest buyers of biotech has been suspicious. Concentra Biosciences, the popular biotech buyout operated by Tang Capital, has walked into a dealmaking after its slow and steady steps in 2024. Kevin Tang is a mysterious investor who has now purchased four biotech companies in the last month and seven this year. Not everyone was successful with the company boards spilling the classic poison pill, a safeguard to ward off unnecessary advances. Pliant and Acelyrin struggled for the offer from Concentra in March. Kronos Bio also accepted a like offer in May for $34.8 million. Cargo Therapeutics accepted a $200 million buyout this month, similar to iteos. Concentra hasn’t held on to these companies for long.

The plan was to close them, sell the assets, and get some cash to return to shareholders and receive the remaining cash amount. It’s an excellent strategy in the biotech market, but a company with numerous competitors in the market can continue to strike repeatedly at the biotech market. This year, the scenario reflects Concentra’s milestone 2023 when the company made six offers; however, only two were successful. The company has become reputable over time, mainly in that year, as a biotech scooping in with a deal offer for a struggling company. Concentra pace is groundbreaking, with numerous deals entering with possibilities, either of which might be successful or fail.

Kevin Tang did not ask for a request for comment been a publication, but recently, the regulatory documents filed from a few offers have added a window into the process. In elevation oncology, the documents mention that the Tang hired and removed the executive committee and officers upon deal closure or completion. In the iTeos case, the deal file mentioned Tang and his company, calling out for executives' DMs to discuss the possible offer after a failed clinical trial.

A Call for the Failure

On 13th May, iteos declared phase 2 results from its study testing belrestotug, also GSK’s jemperli, in high PD-L1 non-small cell lung cancer patients. This combo highlighted the clinically proven improvements in objective responsiveness. It has been the main motive, though, but due to some circumstances did not meet the secondary need of improving the survival rate. Due to this, companies came up with the decision to end the development of Belrestotug.