06:26 AM EDT, 07/08/2025 (MT Newswires) -- Cargo Therapeutics ( CRGX ) said Tuesday it has agreed to be acquired by Concentra Biosciences for $4.379 per share in cash plus one non-transferable contingent value right.

The contingent value right represents the right to receive 100% of the closing net cash of Cargo exceeding $217.5 million and 80% of net proceeds from any disposition of the company's product candidates received within two years after deal closing.

Concentra will start a tender offer by July 21 to acquire all of Cargo's outstanding common shares.

Cargo said its board has unanimously approved the merger, which is expected to close in August. Cargo officers, directors and certain company stockholders holding about 17.4% of the company's common shares have signed support agreements to tender their shares in the offer.

Shares of Cargo rose more than 6% in recent premarket activity.

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