Kronos Bio To Be Acquired by Concentra Biosciences For $0.57 In Cash Per Share Plus A Contingent Value Right

Author: Benzinga Newsdesk | May 01, 2025 07:34am

Kronos Bio, Inc. ("Kronos Bio") (NASDAQ:KRON), a biotechnology company that has been developing small molecule therapeutics to address cancers and other diseases driven by deregulated transcription, today announced that it has entered into a definitive merger agreement (the "Merger Agreement") with Concentra Biosciences, LLC ( "Concentra"), whereby Concentra will acquire Kronos Bio for $0.57 in cash per share of Kronos Bio common stock ("Kronos Bio Common Stock"), plus one non-tradeable contingent value right ("CVR"), which represents the right to receive: (i) 50% of the net proceeds in the case of a disposition of the Company's product candidates known as KB-9558 and KB-7898 that occurs within 2 years following closing; (ii) 100% of the net proceeds in the case of a disposition of the Company's product candidates known as KB-0742, lanraplenib and entospletinib that occurs prior to closing; (iii) 100% of cost savings realized prior to closing; (iv) 80% of cost savings realized between the merger closing date and the second (2nd) anniversary of the merger closing date; and (v) 50% of cost savings realized between the second (2nd) anniversary of the merger closing date and the third (3rd) anniversary of the merger closing date, each pursuant to the contingent value rights agreement (the "CVR Agreement").

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