After Jounce, Concentra Pounces On Atea
COVID-19 Antiviral Firm Could Be Snapped Up
Concentra's unsolicited bid for Atea is the latest proof that promising but financially strapped biotechs that are trading below cash are prime M&A targets.
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Restructuring Edition: OrbiMed/Foresite and Concentra responded quickly after Theseus implemented a 72% workforce reduction and began a search for strategic alternatives despite having $225.4m in cash. REGENXBIO, Novavax and Lyell also revealed job cuts despite large cash stockpiles.
The Belgian drugmaker’s faith in the psoriasis drug is looking to be well placed and with other indications coming aboard, sales forecasts of around €5bn-6bn for the pipeline-in-a-product seem very achievable.
The embattled German major is touting a promising mid-stage thrombolytic but the spotlight this week has continued to shine on its business model and high levels of debt.