M&A · Healthcare · Biological Products, (No Diagnostic Substances)
Concentra Biosciences, LLC to acquire CARGO Therapeutics, Inc.
Announced Jul 8, 2025 · Closed Aug 19, 2025
Deal value$202MEV $140M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$4.38 per share
Transaction
- Acquirer
- Concentra Biosciences, LLC
- Target
- CARGO Therapeutics, Inc. (CRGX)
- Buyer type
- Private equity
- Offer price per share
- $4.38
- Enterprise value
- $140M
- Status
- Closed Aug 19, 2025
Deal protections
- Break fee (target pays)
- $3.8M · 1.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- TD Cowen
- TD Cowen fee
- $4.3M
Sector context · Healthcare
- Comparable deals
- 91 in the prior 24 months
- Premium
- Sector median 67.0%
- EV / Adj. EBITDA
- Sector median 13.8x
- Break fee
- 1.9% vs. 3.5% sector median
Timeline
- AnnouncedJul 8, 2025
- Tender offerJul 21, 2025
- ClosedAug 19, 2025
Valuation · fairness opinions
Liquidation$3.93$4.42
Offer $4.38
Implied value per CARGO Therapeutics, Inc. share by analysis, from TD Cowen · DCF discount rate 6.8%–15.5%.