Why Jounce Therapeutics Stock Is Moving Higher Today?

Author: Vandana Singh | March 15, 2023 10:41am

• The Board of Directors of Jounce Therapeutics Inc (NASDAQ:JNCE) confirmed that Concentra Biosciences LLC made an unsolicited and non-binding proposal to acquire 100% of the equity of Jounce.
• Tang Capital Partners LP is the controlling shareholder of Concentra Biosciences. Tang Capital is approximately a 10.2% shareholder of Jounce.
• The Proposal consists of $1.80 in cash per share plus a contingent value right (CVR) representing the right to receive 80% of the net proceeds payable from any license or disposition of certain of Jounce's legacy programs (the "CVR Products"). 
• The Proposal is subject to limited confirmatory due diligence. It is based on the availability of at least $130 million of cash and cash equivalents.
• Last month, Redx Pharma and Jounce Therapeutics agreed to merge via a proposed all-share transaction. 
• Redx is a clinical-stage biotechnology company focused on discovering and developing small molecule, targeted therapeutics for cancer and fibrotic diseases and cancer-associated fibrosis. 
• Price Action: JNCE shares are up 44.40% at $1.53 on the last check Wednesday.

Posted In: JNCE