Elevation Oncology to be Acquired by Concentra Biosciences for $0.36 per Share

Strategic Insights -

Boston-based Elevation Oncology, Inc., a company specializing in the discovery and development of selective cancer therapies for patients with solid tumors, has announced a definitive merger agreement with Concentra Biosciences, LLC. Concentra will acquire Elevation Oncology in a cash transaction, with each share valued at $0.36 plus one non-tradeable contingent value right. This valuation brings the total consideration to $26.4 million and includes potential additional payments tied to the performance of EO-1022, a proprietary compound developed by Elevation Oncology.

The Elevation Oncology Board of Directors has unanimously approved the merger agreement, deeming it in the best interests of all shareholders. A subsidiary of Concentra will initiate a tender offer by June 23, 2025, to acquire all outstanding shares of Elevation Oncology common stock. Closing of the offer depends on several conditions, including the tender of shares representing at least a majority of total outstanding shares, and the availability of $26.4 million in cash. The merger is expected to be completed in July 2025.

Leading law firms, Fenwick & West LLP and Gibson, Dunn & Crutcher LLP, have been appointed as legal counsel to Elevation Oncology and Concentra, respectively. Elevation Oncology officers, directors, and affiliates holding around 5.1% of the common stock have signed support and tender agreements.

Key Takeaways:

  • Elevation Oncology has entered into a definitive merger agreement with Concentra Biosciences to be acquired for $0.36 per share, plus one non-tradeable contingent value right.
  • The total consideration amounts to $26.4 million, with potential additional payments tied to the performance of EO-1022.
  • The Elevation Oncology Board of Directors has approved the merger agreement unanimously.
  • A subsidiary of Concentra will initiate a tender offer by June 23, 2025, to acquire all outstanding shares of Elevation Oncology common stock.
  • The merger is subject to several conditions, including the tender of shares representing at least a majority of total outstanding shares, and the availability of $26.4 million in cash.
  • The merger is expected to be completed in July 2025.

Statistics:

  • Total consideration for the acquisition: $26.4 million
  • Valuation of shares per Elevation Oncology common stock: $0.36
  • Number of Elevation Oncology officers, directors, and affiliates signing support and tender agreements: approximately 5.1%
  • Percentage of common stockholders with signed support and tender agreements: 5.1%

Sources:

  • Elevation Oncology Press Release, June 9, 2025
  • U.S. Securities and Exchange Commission (SEC) Filings, specifically Elevation Oncology's most recent Annual Report on Form 10-K filed on March 6, 2025