Ropes & Gray represented iTeos Therapeutics in a definitive merger agreement with Concentra Biosciences, LLC, whereby Concentra will acquire iTeos for $10.047 in cash per share of iTeos common stock, plus one non-transferable contingent value right (CVR). The transaction was announced in a July 21 press release.
The CVR represents the right to receive 100% of the closing net cash of iTeos in excess of $475 million and 80% of any net proceeds received from any disposition of certain of iTeos’ product candidates that occurs within six months following the closing.
The deal team was led by M&A and capital markets partner Will Michener and M&A and capital markets counsel Nick Roper, and included M&A partner Chris Comeau, tax partner David Saltzman, and employment, executive compensation & benefits partner Renata Ferrari.
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