Theseus fields takeout offers from Foresite, OrbiMed, Concentra Bio
Acquisition
Theseus Pharmaceuticals disclosed in a US securities filing on Monday that it will review and evaluate an expression of interest from Foresite Capital and OrbiMed Advisors, as well as a proposal from Concentra Biosciences. The news follows a recent decision by Theseus to lay off 72% of its workforce, months after its experimental treatment THE-630 was derailed in a Phase I/II trial of patients with gastrointestinal stromal tumours.
According to the securities filing, Theseus' board received an unsolicited joint letter on November 22 from Foresite and OrbiMed indicating their intent to explore a possible acquisition of all Theseus shares they do not already own. Such a transaction would take Theseus private again. The company had raised $160 million in an upsized initial public offering back in 2021.
Meanwhile, Theseus also disclosed that its board also received an unsolicited proposal two days later regarding a proposal which would see Concentra, which is controlled by Tang Capital Partners, acquire all outstanding shares of the company for $3.80 per share in cash. The offer also includes a contingent value right (CVR) representing the right to receive 80% of the net proceeds payable from licensing or offloading any of Theseus' programmes.
Earlier this year, Concentra acquired Jounce Therapeutics in a deal that saw the latter pull out of a prior merger agreement with Redx Pharma. It also made a move to buy Atea Pharmaceuticals that was ultimately rejected. Last month, Concentra offered to buy all outstanding shares of Rain Oncology for $1.25 per share in cash, plus a CVR representing the right to receive 80% of the net proceeds payable from any license or disposition of Rain's programmes.
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