09:20 AM EDT, 07/01/2025 (MT Newswires) -- IGM Biosciences ( IGMS ) said Tuesday it has agreed to be acquired by Concentra Biosciences.

The consideration for the transaction is $1.247 per share in cash of IGM Biosciences ( IGMS ) common stock plus one non-tradeable contingent value right, the company said.

Each contingent value right represents the right to receive 100% of the closing net cash of IGM Biosciences ( IGMS ) over $82 million and 80% of any net proceeds received within one year following closing from any disposition of certain of IGM Biosciences' ( IGMS ) product candidates and intellectual property that occurs within one year following closing, according to the statement.

Concentra will launch a tender offer to acquire all of IGM Biosciences' ( IGMS ) common stock by July 16, with the merger transaction expected to close in August, the statement said.

IGM Biosciences ( IGMS ) shares were up more than 19% in recent premarket activity on Tuesday.

Price: 1.34, Change: +0.22, Percent Change: +19.64