Biotech Bargain Hunt: Concentra Biosciences Eyes Atea's Promising COVID-19 Response
Portfolio Pulse from Vandana Singh
Concentra Biosciences, an affiliate of Tang Capital, has proposed to acquire Atea Pharmaceuticals (NASDAQ: AVIR) at $5.75 per share, a 55% premium to Friday's closing price. The deal is expected to close by July 2023. Tang Capital and Concentra have disclosed a 3.6% stake in Atea. William Blair maintains an Outperform rating for Atea.
May 22, 2023 | 9:37 pm
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Atea Pharmaceuticals received an acquisition proposal from Concentra Biosciences at a 55% premium. The deal is expected to close by July 2023. William Blair maintains an Outperform rating for Atea.
The acquisition proposal from Concentra Biosciences at a 55% premium is a positive development for Atea Pharmaceuticals. The deal is expected to close by July 2023, which could lead to a short-term increase in the stock price. Additionally, William Blair's maintained Outperform rating indicates a positive outlook for the company.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100