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iStock, zhuweiyi49 After a slow 2024, the biotech shell company Concentra Biosciences is back, offering to buy four biotechs in the past month and seven so far this year. The busiest buyer in biotech right now happens to be the most mysterious. Concentra Biosciences, the biotech buyout specter run by Tang Capital, has ramped up its dealmaking after taking things slow over 2024. The shell company, which is run by mysterious investor Kevin Tang, has made bids to buy four biotechs over the past month and seven so far this year. Not all have been successful, with company boards popping the classic poison pill defense to ward off the unwanted advances. Acelyrin and Pliant fought off offers from Concentra in March. Kronos Bio accepted a similar offer in May worth about $34.8 million. This month, Cargo Therapeutics accepted a $200 million buyout, as did iTeos . Concentra does not hold on to these companies long. The intention is to close them, sell off the assets, return some cash to shareholders and reap whatever cash is left over. It’s a unique strategy in the biotech world but one that has plenty of fodder as the markets continue to batter the industry . The action this year mirrors Concentra’s bustling 2023, when six offers were made. Just two were ultimately successful, however. The company earned a reputation that year as a biotech dark horse—swooping in with an offer for a struggling company as the walls closed in, with a plan of shutting it down and reaping the benefits. Concentra’s pace is breakneck, with so many deals coming it’s hard to keep up with what has been successful and what ultimately failed. Kevin Tang did not return a request for comment as of publication, but recent regulatory documents filed from the slew of offers provide a window into the process. In the case of Elevation Oncology , the documents show that Tang took over and removed the executive committee and officers as the deal closed. At iTeos, the deal notes reveal Tang and his company dropping into executives’ DMs to discuss a possible offer after a disappointing clinical trial. A Failure and a Phone Call On May 13, iTeos announced Phase II results from a study testing belrestotug and GSK’s Jemperli in patients with high PD-L1 non-small cell lung cancer. The combo showed clinically meaningful improvements in objective response, which was the main goal, but did not meet the secondary of improving progression-free survival. Therefore, the companies decided to discontinue development of belrestotug altogether. Tang and his company saw the release, and days later, on May 15, disclosed in a Schedule 13G filing (which indicates a passive investment interest) its ownership of nearly 10% of iTeos’ shares. The Tang Capital team reached out to the biotech the next day to discuss the trial results—an unusual step as it’s typically positive results that garner investor interest. A few weeks later, on June 2, an advisor for iTeos contacted Tang Capital to see if the firm might be interested in a potential transaction. Tang’s crew asked for more information, specifically clinical and financial details, to guide the decision. The two parties entered into a confidentiality agreement a few days later. On June 11, the parties met in Boston, with iTeos’ management presenting an overview of the biotech. It took a day for Tang Capital to come up with an offer. Tang and his company offered to buy 100% of iTeos’ equity for $10.25 per share in cash, which represented the projected difference between iTeos’ net cash balance at closing after the discharge of liabilities and the aggregate cash payment that shareholders would receive, namely 3% of $490 million. Shareholders would also be eligible for two contingent value rights (CVRs) if all went well, hinging on cash available at closing and sales of the biotech’s legacy products. The first CVR would give shareholders all of the cash at closing that exceeded $490 million. The second granted them payouts should the iTeos team develop a new company for the legacy assets with a capital raise of at least $20 million. Later that same day, Tang filed a Schedule 13D with the SEC, suggesting an activist position in the company. Over the next few weeks, Tang Capital conducted due diligence. Tang Capital’s proposal was revised on June 26, edging the per-share price up to $10.36. Representatives for iTeos indicated a readiness to proceed with negotiating the transaction. The biotech’s executives suggested that the NewCo CVR be scrapped in favor of a structure that provided shareholders with 80% of the proceeds from the licensing, sale or other disposition of the assets instead. The company believed this simpler structure would provide greater certainty on the execution and timing of the transaction. After Tang Capital’s due diligence, the proposal was revised downward to $10.05 per share payable at closing. Tang’s group agreed to the new CVR proposal. Other negotiations included extending the legacy products CVR term to 10 years after the merger to allow greater certainty that shareholders would receive a payout. The deal was sealed on July 18, with iTeos issuing a press release announcing the transaction. Concentra offered a swift resolution after the clinical data just didn’t pan out for iTeos. Unfortunately, as the industry continues to reel, there could be plenty more companies ripe for similar transactions, meaning Concentra is providing a service uniquely suited to this moment in time for the industry.

点击蓝字 关注我们 本 期 看 点 约有5%-15%的转移性结直肠癌（mCRC）患者因DNA错配修复（dMMR）缺陷而具有高微卫星不稳定性（MSI-H），从而对免疫治疗，尤其是免疫检查点抑制剂（ICIs）治疗高度敏感。本文就结直肠癌流行病学及系统治疗现状、MSI-H/dMMR结直肠癌围手术期治疗探索与思考及晚期MSI-H/dMMR结直肠癌治疗探索与思考三部分进行阐述 ，以飨读者。 本期内容 01 结直肠癌流行病学及系统治疗现状 02 MSI-H/dMMR结直肠癌围手术期免疫治疗 03 晚期MSI-H/dMMR结直肠癌免疫治疗 04 总结与展望 【01 结直肠癌流行病学及系统治疗现状】 中国新发结直肠癌患者约52万，占世界结直肠癌患者新发病例的27.1%，死亡患者24万，占世界结直肠癌死亡人数的26.6%。 错配修复缺陷（deficient mismatch repair，dMMR），DNA修复能力下降或缺失，个体自发突变率将明显增加。MSI-H/dMMR表型的肿瘤相比于MSS表型肿瘤免疫原性更高。结直肠癌中，约有5-15%表现出MSI-H/dMMR。 根据2025CSCO指南推荐，晚期MSI-H/dMMR结直肠癌治疗以免疫检查点抑制剂为主。 对于 MSI-H/dMMR 型患者、潜在可切除组和姑息治疗组一线方案的 I 级推荐增加：纳武利尤单抗 + 伊匹木单抗（1A 类）。 2025NCCN V2、V3指南： 针对cT4b或不可切除的结肠癌推荐免疫治疗；针对局部晚期直肠癌推荐免疫治疗。 在2025NCCN V4版结肠癌指南更新丨免疫前移到dMMR结肠癌围术期一文中就2025 NCCN V4版指南简要更新要点进行过整理，围术期，免疫已经重塑治疗格局。 02 MSI-H/dMMR结直肠癌围手术期免疫治疗 本章节主要介绍MSI-H/dMMR结直肠癌围手术期治疗模式探索，重磅研究介绍及难点分析。 涉及研究包括： NICHE研究(O+Y±塞来昔布新辅助治疗dMMR结肠癌的II期临床研究(NCT03026140)) ​NICHE-2研究(O+Y新辅助治疗dMMR结肠癌的II期临床研究(NCT03026140)) ​NICHE-3研究(O+relatlimab(LAG3)新辅助治疗dMMR结肠癌的II期临床研究) IMHOTEP研究 （帕博利珠单抗新辅助治疗dMMR/MSI肿瘤的II期试验，结直肠癌队列研究结果(NCT04795661)） PICC研究（特瑞普利单抗±塞来昔布新辅助治疗dMMR结直肠癌的II期临床研究 (NCT03926338)） ​Dostarlimab研究（Dostarlimab治疗局部晚期dMMR直肠癌的II期临床研究(NCT4165772)) NCT05890742研究（IBI310（CTLA-4）联合信迪利单抗新辅助治疗MSI-H/dMMR结肠癌Ib期研究） RATIONALE-214研究(替雷利珠单抗新辅助治疗MSI-H/dMMR结直肠癌的II期临床研究(NCT05116085)) ATOMIC研究（化疗±阿替利珠单抗辅助治疗dMMR结肠癌的III期临床研究） 并对围手术期治疗研究进行汇总： 虽然MSI-H/dMMR结直肠癌免疫新辅助治疗取得较高的pCR，但仍需探索能否转化为生存获益；新辅助免疫治疗时长与是否需要术后辅助治疗仍需探索直肠癌cCR采取观察等待取得较好结果，结肠癌是否可以避免手术？这些问题，随着更多免疫为基础联合方案的研究进展，逐步会趋于明晰。 【03 晚期MSI-H/dMMR结直肠癌免疫治疗】 本章节主要介绍关于晚期MSI-H/dMMR结直肠癌的治疗模式探索，重磅研究介绍及难点分析。 涉及研究包括： KEYNOTE-164研究(帕博利珠单抗后线治疗MSI-H/dMMR型转移性结直肠癌II期、国际多中心、开放、非随机研究((NCT02460198)) ​CheckMate142研究(纳武利尤单抗±伊匹木单抗治疗MSI-H/dMMR型转移性结直肠癌多中心、开放、非随机II期研究(NCT02060188)) ​KEYNOTE-177研究(帕博利珠单抗对比化疗±贝伐一线治疗MSI-H/dMMR转移性结直肠癌随机、多中心、开放标签的3期研究研究(NCT02563002)) CheckMate 8HW研究(纳武利尤单抗联合伊匹木单抗对比化疗一线治疗MSI-H/dMMR转移性结直肠癌随机、多中心、开放标签的3期研究研究(NCT04008030)) COMMIT研究(阿替利珠单抗对比mFOLFOX6+贝伐珠单抗+阿替利珠单抗一线治疗MSI-H/dMMR转移性结直肠癌随机、开放3期研究研究(NCT02997228))。 正在进行的其他III期研究。 综上研究，免疫治疗相对于化疗在晚期MSI-H/dMMR CRC治疗获益显著，但也带来新的思考：双免联合是否优于单免，仍需与单免对比研究；以及精准识别需要免疫联合治疗的人群。免疫+化疗+靶向 vs 单免的晚期一线研究正在进行中，期待结果报道。 04 总结与展望 对于本文内容进行总结： 免疫治疗相对于化疗在晚期MSI-H/dMMR CRC治疗获益显著； 双免联合优于单免；未来进一步精准识别需要免疫联合治疗的人群； 免疫+化疗+靶向 vs 单免的晚期一线研究正在进行中，期待结果报道。 如何索取幻灯及其他福利 在这个瞬息万变的医药时代，每一位专业人士都在追求卓越，力求在肿瘤治疗、研究设计、行业洞察等领域不断突破。作为聚焦医药行业的第三方专业医学服务商，我们始终致力于为每一位伙伴提供最前沿、最实用的医学知识与服务，助力您的职业成长与学术探索。 过去，我们携手走过了一段段充实而精彩的旅程，从肿瘤基础类幻灯到研究进展类幻灯，从研究设计小课堂到行业研究类幻灯，每一份资料都凝聚着我们的专业与用心，也见证了您的成长与进步。如今，2025年已至7月，我们带着全新的会员福利计划，再次向您发出诚挚的邀请，开启一段新的赋能之旅。 不定期还有会员福利惊喜赠送或享限时优惠价格哦！早购买，早获益，意愿者请联系如下。 ★