Skip to main content

Rain Oncology Confirms Receipt of Unsolicited Proposal from Concentra Biosciences

Written by Customer Service on . Posted in Public Companies.

NEWARK, Calif., Oct. 16, 2023 (GLOBE NEWSWIRE) — Rain Oncology, Inc. (NasdaqGS: RAIN) (“Rain”) confirmed that it has received an unsolicited proposal from Tang Capital, LP on behalf of Concentra Biosciences LLC to acquire all outstanding shares of common stock of Rain for $1.25 per share in cash, plus a contingent value right (“CVR”) representing the right to receive 80% of the net proceeds payable from any license or disposition of Rain’s programs.

Rain’s Board of Directors and management team regularly review opportunities to generate stockholder value and are committed to acting in the best interests of all stockholders.

Consistent with its fiduciary duties, Rain’s Board of Directors, in consultation with its independent financial and legal advisors, will carefully review and evaluate the proposal from Concentra Biosciences.

Rain’s stockholders are advised to take no action at this time.

About Rain Oncology Inc.
Rain Oncology Inc. is a precision oncology company developing therapies that target oncogenic drivers to genetically select patients it believes will most likely benefit.  Rain’s product candidate, milademetan, is a small molecule, oral inhibitor of the p53-MDM2 complex that reactivates p53. 

Forward Looking Statements 
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding the evaluation by the Rain Board of Directors of the Concentra Biosciences offer. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will”, “anticipates,” “goal,” “potential,” “expects” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rain’s current expectations and involve assumptions that may never materialize or may prove to be incorrect.  Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include the other risks described in Rain’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and subsequent filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Rain undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. 

Investor Contact 
Daniel Ferry 
LifeSci Advisors 
+1.617.430.7576 
daniel@lifesciadvisors.com 

Media Contact 
Mahima Agochiya 
Rain Oncology 
magochiya@rainoncology.com 

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.