IGM Biosciences rises on buyout deal with Concentra Biosciences

Shares of biotech firm IGM Biosciences IGMS.O rise 17% to $1.31

IGMS says it is being bought by Concentra Biosciences for about $74.97 million in cash, according to Reuters calculation

IGMS shareholders will get $1.247 in cash for each share they own

IGMS shareholders will also get right for possible extra money if co has more than $82 million in cash at closing or sells certain assets within one year

Deal expected to close next month

Wilson Sonsini is IGMS's legal advisor

Including session's move, stock down 78.7% YTD