SCHEDULE: Concentra Biosciences Completes ITeos Therapeutics Acquisition

Concentra Biosciences has successfully completed its tender offer and subsequent merger to acquire ITeos Therapeutics, making it a wholly-owned subsidiary.

Summary

• Concentra Biosciences, through its subsidiary Concentra Merger Sub VIII, Inc., has completed the acquisition of ITeos Therapeutics, Inc.
• The tender offer for all outstanding shares of ITeos Therapeutics' Common Stock commenced on August 1, 2025, and expired on August 29, 2025.
• A total of 32,226,407 shares were tendered and not withdrawn, representing approximately 72.17% of the total shares issued and outstanding.
• Following the tender offer, Concentra Merger Sub VIII, Inc. merged with ITeos Therapeutics, Inc. on August 29, 2025, under Section 251(h) of the Delaware General Corporation Law.
• As a result of the merger, ITeos Therapeutics, Inc. is now a wholly-owned subsidiary of Concentra Biosciences, LLC.
• The Reporting Persons (Tang Capital Management, LLC, Kevin Tang, Tang Capital Partners, LP, and Concentra Biosciences, LLC, among others) collectively beneficially own 10,000 shares of ITeos Therapeutics' Common Stock, representing 100% of the outstanding shares post-merger.

Sentiment

Score: 8

Explanation: The filing confirms the successful and timely completion of a previously announced merger, providing a clear and definitive outcome for all involved parties.

Positives

• The successful completion of the merger provides a definitive outcome for ITeos Therapeutics shareholders who tendered their shares, receiving the Offer Price.
• Concentra Biosciences has successfully expanded its portfolio by acquiring ITeos Therapeutics, integrating its assets and operations.

Negatives

• ITeos Therapeutics, Inc. is no longer a publicly traded company, ending public equity ownership for its shareholders.

Future Outlook

ITeos Therapeutics, Inc. will now operate as a wholly-owned subsidiary of Concentra Biosciences, LLC, with its future strategic direction and operations integrated under Concentra's control.

Industry Context

This acquisition represents a consolidation event within the biotechnology sector, where larger entities or investment groups acquire smaller, often publicly traded, companies to integrate their assets, pipelines, or technologies. Such transactions are common as companies seek to expand their market presence or intellectual property portfolios.

Corporate Governance

Stakeholder Impact

• Shareholders of ITeos Therapeutics, Inc. who tendered their shares received the Offer Price, concluding their investment in the public entity.
• Employees of ITeos Therapeutics, Inc. will now be part of a wholly-owned subsidiary under Concentra Biosciences, LLC, potentially leading to integration into Concentra's corporate structure.

Next Steps

• ITeos Therapeutics, Inc. will continue its operations as a wholly-owned, private subsidiary of Concentra Biosciences, LLC.

Key Dates

Recommendation

The merger has been completed, and ITeos Therapeutics, Inc. is now a wholly-owned subsidiary of Concentra Biosciences, LLC. Public shareholders' common stock has been converted into the right to receive the Offer Price, meaning the shares are no longer publicly traded and existing shareholders have effectively 'sold' their holdings. There is no longer a public market for ITeos Therapeutics shares.

Keywords

iTeos Therapeutics, Concentra Biosciences, Merger, Acquisition, Tender Offer, Schedule 13D, Biotechnology, Pharmaceuticals, Corporate Action