Deal Flow
Letter · prints on one page
Transaction tear sheetData as of Nov 7, 2026
M&A · Healthcare · Pharmaceutical Preparations

Concentra Biosciences, LLC to acquire Theseus Pharmaceuticals, Inc.

Announced Dec 22, 2023 · Closed Feb 14, 2024

Deal value$172MEV $126M
Premium82.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$3.90 per share

Transaction

Acquirer
Concentra Biosciences, LLC
Target
Theseus Pharmaceuticals, Inc.
Buyer type
Private equity
Offer price per share
$3.90
Enterprise value
$126M
Status
Closed Feb 14, 2024

Deal protections

Break fee (target pays)
$3.6M · 2.1%
Reverse fee (buyer pays)
—
Go-shop
No-shop
Financing
No financing condition

Advisors

To the acquirer
Not disclosed
To the target
Leerink Partners

Sector context · Healthcare

Comparable deals
100 in the prior 24 months
Premium
82.0% vs. 52.0% sector median
EV / Adj. EBITDA
Sector median 17.1x
Break fee
2.1% vs. 3.5% sector median

Timeline

  1. AnnouncedDec 22, 2023
  2. Tender offerJan 9, 2024
  3. ClosedFeb 14, 2024
Sources
  • 8-K (EX-99) · Dec 22, 2023
  • SC14D9C (EX-99.1) · Dec 22, 2023
  • 8-K · Dec 22, 2023

Adj. EBITDA is operating income + D&A + impairment, restructuring, deal costs and stock compensation, less any large gain on a sale, last twelve months, from the target's filings. Calculated by Castle, so it can differ from a bank's adjusted figure.

Prepared with Castle from public SEC EDGAR filings. Figures are extracted automatically; verify against the source documents. Not investment advice.