Iteos Therapeutics Acquisition Finalized, Shares Delisted

Iteos Therapeutics US46565G1040

The publicly traded chapter for Iteos Therapeutics has closed. The clinical-stage biopharmaceutical company is now wholly owned by Concentra Biosciences following a completed acquisition, resulting in the removal of its shares from the Nasdaq exchange. This move concludes the investment journey for its former shareholders.

The definitive merger agreement, initially announced in July 2025, has been executed. Concentra Biosciences, LLC acquired Iteos for a cash consideration of $10.047 per share. The transaction, which received unanimous approval from the Iteos board of directors, transforms the company into a fully-owned subsidiary of Concentra. A key component of the deal involved the issuance of Contingent Value Rights (CVRs) to former shareholders.

These CVRs entitle holders to two primary value streams. First, they grant 100% of Iteos's net cash exceeding $475 million. Second, they provide 80% of the net proceeds from the sale of certain specified product candidates, if sold within six months following the acquisition's completion. A tender offer for all outstanding shares commenced on August 1, 2025, with the entire deal finalized in the third quarter of 2025.

Strategic Review Preceded Merger

Prior to agreeing to the Concentra buyout, Iteos had embarked on a strategic review. On May 28, 2025, the company announced it would wind down operations and explore a sale of its assets. This process was part of a broader evaluation of strategic alternatives aimed at maximizing shareholder value.

The subsequent acquisition by Concentra underscores the perceived worth of Iteos's intellectual property and development pipeline, which includes therapies targeting the TIGIT immune checkpoint and the adenosine A2A receptor. These assets will now be integrated into Concentra Biosciences' portfolio, with future development continuing under its direction.

Formal Delisting Marks End of Public Trading

With the merger successfully concluded, Iteos Therapeutics shares were formally delisted from the Nasdaq on August 29, 2025. This action terminated all public market trading for the equity. Former shareholders received the specified cash payment per share along with a non-transferable CVR certificate for each share they held.

• Acquisition price: $10.047 per share in cash.
• Additional potential value via Contingent Value Rights (CVRs).
• CVR terms include 100% of net cash above $475 million and 80% of proceeds from sale of certain assets.
• Delisting from Nasdaq occurred on August 29, 2025.
• Iteos now operates as a private subsidiary of Concentra Biosciences.

This acquisition represents a notable consolidation within the competitive immuno-oncology sector, transferring Iteos's clinical-stage programs to a new private entity.