M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Concentra Biosciences, LLC to acquire iTeos Therapeutics, Inc.
Announced Jul 21, 2025 · Closed Aug 29, 2025
Deal value$385MEV $228M
Premium17.8%To unaffected price
EV / Adj. EBITDA—6.5x EV / Revenue
ConsiderationAll cash$10.05 per share
Transaction
- Acquirer
- Concentra Biosciences, LLC
- Target
- iTeos Therapeutics, Inc. (ITOS)
- Buyer type
- Private equity
- Offer price per share
- $10.05
- Enterprise value
- $228M
- Status
- Closed Aug 29, 2025
Deal protections
- Break fee (target pays)
- $8.4M · 2.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- TD Cowen
- TD Cowen fee
- $9.5M
Sector context · Healthcare
- Comparable deals
- 95 in the prior 24 months
- Premium
- 17.8% vs. 67.0% sector median
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- 2.2% vs. 3.4% sector median
Timeline
- AnnouncedJul 21, 2025
- Tender offerAug 1, 2025
- ClosedAug 29, 2025
Valuation · fairness opinions
Liquidation$9.89$10.53
Offer $10.05
Implied value per iTeos Therapeutics, Inc. share by analysis, from TD Cowen · DCF discount rate 7%–14%.