M&A · Healthcare · Pharmaceutical Preparations
Concentra Biosciences, LLC to acquire IGM Biosciences, Inc.
Announced Jul 1, 2025 · Closed Aug 14, 2025
Deal value—
Premium11.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$1.25 per share
Transaction
- Acquirer
- Concentra Biosciences, LLC
- Target
- IGM Biosciences, Inc. (IGMS)
- Buyer type
- Private equity
- Offer price per share
- $1.25
- Enterprise value
- —
- Status
- Closed Aug 14, 2025
Deal protections
- Break fee (target pays)
- $2.4M
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey
Sector context · Healthcare
- Comparable deals
- 90 in the prior 24 months
- Premium
- 11.0% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedJul 1, 2025
- Tender offerJul 16, 2025
- ClosedAug 14, 2025
Valuation · fairness opinions
Liquidation$1.16$1.24
Offer $1.25
Implied value per IGM Biosciences, Inc. share by analysis, from Houlihan Lokey.