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After Jounce, Concentra Pounces On Atea

COVID-19 Antiviral Firm Could Be Snapped Up

 
• By Kevin Grogan

Concentra's unsolicited bid for Atea is the latest proof that promising but financially strapped biotechs that are trading below cash are prime M&A targets.

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• Source: Shutterstock

Having jumped in front of the UK's Redx Pharma Plc to snap up Jounce Therapeutics, Inc., Concerta Biosciences is looking to bag another embattled biotech, making a bid for the US antiviral specialist Atea Pharmaceuticals, Inc..

Boston-based Atea has confirmed it had received an unsolicited proposal from Concentra's owner Tang Capital, the investment group led by Kevin Tang, founder of Ardea Biosciences, Inc. (acquired by AstraZeneca PLC in 2012) who is also CEO at oncology firm Odonate Therapeutics, Inc.

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