Concentra to Acquire Elevation Oncology for $21.3M

Elevation Oncology has agreed to be acquired by Concentra Biosciences for $21.3 million, with shareholders to receive 36 cents per share and contingent value rights related to the future sale of its EO-1022 drug candidate. The acquisition, expected to close in July 2025 pending shareholder approval and other conditions, follows Elevation's discontinuation of its lead drug EO-3021 and a 70% workforce reduction. Concentra Biosciences, backed by Tang Capital, has a track record of acquiring and winding down struggling biotech companies, including Allakos, Jounce Therapeutics, Theseus Pharmaceuticals, and a pending deal for Kronos Bio. Elevation Oncology's Board unanimously approved the transaction. Trading in Elevation shares was halted ahead of the announcement. Investors are cautioned about the risks associated with trading in such biotech stocks.