Elevation Oncology, Inc. (ELEV) announced Monday that it has entered into a definitive agreement to be bought by Concentra Biosciences, LLC. The deal consideration consists of $0.36 in cash per share of Elevation Oncology stock, plus one non-tradeable contingent value right or CVR.
In the pre-market activity on the Nasdaq, Elevation Oncology shares were gaining more than 21%.
The company noted that the deal price represents the right to receive 100% of the closing net cash in excess of $26.4 million; and 80% of any net proceeds received within five years following closing from any disposition of EO-1022 that occurs within one year following closing, each pursuant to the CVR Agreement.
The Elevation Oncology Board of Directors, who determined that the deal is in the best interests of all its stockholders, has approved the Merger Agreement and related transactions.
As per the merger deal, a Concentra unit will commence a tender offer by June 23 to acquire all Elevation Oncology shares. The offer will be closed subject to certain conditions, and the merger transaction is expected to close in July 2025.
In the deal, Fenwick & West LLP is acting as legal counsel to Elevation Oncology, while Gibson, Dunn & Crutcher LLP is acting as legal counsel to Concentra.
For More Such Health News, visit rttnews.com
For comments and feedback contact: editorial@rttnews.com
Business News
June 21, 2025 01:50 ET Major central banks were in focus this week as they announced their policy decision while concerns over spillovers from the ongoing Middle East conflict dominated policymakers’ thinking. In the U.S., the main news was the Fed rate decision and some key economic data including the latest retail sales figures. In Europe, several central banks, the main ones being those of the U.K. and Switzerland, revealed their latest interest rate decisions. In Asia, the Bank of Japan was in news for the same.