Rain Oncology confirms receipt of unsolicited proposal from Concentra

Rain Oncology confirmed that it has received an unsolicited proposal from Tang Capital on behalf of Concentra Biosciences to acquire all outstanding shares of common stock of Rain for $1.25 per share in cash, plus a contingent value right representing the right to receive 80% of the net proceeds payable from any license or disposition of Rain’s programs. 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.