Jounce Therapeutics Agrees to Buyout, Drops Redx Deal >JNCE

Dow Jones2023-03-27

By Colin Kellaher

Jounce Therapeutics Inc. on Monday said it has agreed to be acquired by one of its largest shareholders and scrapped plans to combine with the U.K.'s Redx Pharma PLC.

The Cambridge, Mass., clinical-stage immunotherapy company said it has accepted a sweetened bid from Concentra Biosciences LLC, an entity controlled by Tang Capital Partners LP, to acquire the Jounce shares Tang doesn't already own for $1.85 apiece in cash, along with non-tradeable contingent value rights tied to proceeds from any license or disposition of some of its legacy programs.

The purchase price represents a nearly 23% premium to Friday's closing price of $1.51 for Jounce and a roughly 75% premium to its closing price of $1.06 on March 14, before Jounce disclosed an initial bid of $1.80 a share from Tang, which already owns a 10.2% stake in the company.

Jounce said it plans to eliminate 84% of its workforce over the next month, with its remaining employees focused on completing the sale of the company and maximizing the value of the contingent value rights.

Jounce also said its board is no longer recommending the proposed all-stock merger with Redx that would have left Jounce shareholders owning 37% of the combined company.

Trading in shares of Jounce was halted premarket on Monday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 27, 2023 09:31 ET (13:31 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2322421427?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-03-27 21:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2322421427","market":"us","top_or_hot":-1,"title":"Jounce Therapeutics Agrees to Buyout, Drops Redx Deal >JNCE","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Colin Kellaher \n</p>\n<pre>\n \n</pre>\n<p>\n  <a href=\"https://laohu8.com/S/JNCE\">Jounce Therapeutics Inc.</a> on Monday said it has agreed to be acquired by one of its largest shareholders and scrapped plans to combine with the U.K.'s Redx Pharma <a href=\"https://laohu8.com/S/PLC\">PLC</a>. \n</p>\n<p>\n  The Cambridge, Mass., clinical-stage immunotherapy company said it has accepted a sweetened bid from Concentra Biosciences LLC, an entity controlled by Tang Capital Partners LP, to acquire the Jounce shares Tang doesn't already own for $1.85 apiece in cash, along with non-tradeable contingent value rights tied to proceeds from any license or disposition of some of its legacy programs. \n</p>\n<p>\n  The purchase price represents a nearly 23% premium to Friday's closing price of $1.51 for Jounce and a roughly 75% premium to its closing price of $1.06 on March 14, before Jounce disclosed an initial bid of $1.80 a share from Tang, which already owns a 10.2% stake in the company. \n</p>\n<p>\n  Jounce said it plans to eliminate 84% of its workforce over the next month, with its remaining employees focused on completing the sale of the company and maximizing the value of the contingent value rights. \n</p>\n<p>\n  Jounce also said its board is no longer recommending the proposed all-stock merger with Redx that would have left Jounce shareholders owning 37% of the combined company. \n</p>\n<p>\n  Trading in shares of Jounce was halted premarket on Monday. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 27, 2023 09:31 ET (13:31 GMT)\n</p>\n<p>\n  Copyright (c) 2023 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jounce Therapeutics Agrees to Buyout, Drops Redx Deal >JNCE</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJounce Therapeutics Agrees to Buyout, Drops Redx Deal >JNCE\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-03-27 21:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Colin Kellaher \n\n\n \n\n\nJounce Therapeutics Inc. on Monday said it has agreed to be acquired by one of its largest shareholders and scrapped plans to combine with the U.K.'s Redx Pharma PLC. \n\n\n  The...</p>\n\n<a href=\"http://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4139","symbol_name":"生物科技","start_time":0,"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2322421427","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2322421427","pubTimestamp":1679923860,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"By Colin Kellaher \n\n\n \n\n\nJounce Therapeutics Inc. on Monday said it has agreed to be acquired by one","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4139":"生物科技"},"translate_title":"Jounce Therapeutics同意收购，放弃Redx交易>JNCE","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JNCE":1},"content_text":"By Colin Kellaher \n\n\n \n\n\nJounce Therapeutics Inc. on Monday said it has agreed to be acquired by one of its largest shareholders and scrapped plans to combine with the U.K.'s Redx Pharma PLC. \n\n\n  The Cambridge, Mass., clinical-stage immunotherapy company said it has accepted a sweetened bid from Concentra Biosciences LLC, an entity controlled by Tang Capital Partners LP, to acquire the Jounce shares Tang doesn't already own for $1.85 apiece in cash, along with non-tradeable contingent value rights tied to proceeds from any license or disposition of some of its legacy programs. \n\n\n  The purchase price represents a nearly 23% premium to Friday's closing price of $1.51 for Jounce and a roughly 75% premium to its closing price of $1.06 on March 14, before Jounce disclosed an initial bid of $1.80 a share from Tang, which already owns a 10.2% stake in the company. \n\n\n  Jounce said it plans to eliminate 84% of its workforce over the next month, with its remaining employees focused on completing the sale of the company and maximizing the value of the contingent value rights. \n\n\n  Jounce also said its board is no longer recommending the proposed all-stock merger with Redx that would have left Jounce shareholders owning 37% of the combined company. \n\n\n  Trading in shares of Jounce was halted premarket on Monday. \n\n\n \n\n\n  Write to Colin Kellaher at colin.kellaher@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 27, 2023 09:31 ET (13:31 GMT)\n\n\n  Copyright (c) 2023 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322421427"}