Cargo Therapeutics rises on Concentra Biosciences' buyout deal

ReutersJul 8, 2025 12:07 PM

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Shares of drug developer Cargo Therapeutics CRGX.O up 9.6% at $4.81 premarket

Concentra Biosciences to buy CRGX in an all-cash deal valued at about $201.97 million

The offer values CRGX at $4.38 per share plus a non-transferable contingent value right (CVR)

CVR is tied to 80% of any net proceeds from certain drugs of CRGX's within two years of the deal and 100% of the closing net cash of co exceeding $217.5 million

The merger transaction is expected to close in August 2025 - CRGX

As of last close, stock down 69.56% YTD

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