Concentra Biosciences, led by Kevin Tang, has continued its aggressive acquisition strategy in the biotech sector, marking its fifth deal of the year with the purchase of Cargo Therapeutics. The acquisition of Cargo Therapeutics, a cancer cell therapy company, was completed at a price of $4.379 per share in cash plus contingent value rights (CVRs). These CVRs entitle shareholders to 100% of net cash exceeding $217.5 million at closing and 80% of net proceeds from any asset sales within two years post-closing. This deal follows Concentra's recent acquisition of IGM Biosciences and precedes its agreement to acquire iTeos Therapeutics for approximately $10.05 per share in cash plus CVRs, a transaction valued around $385 million. iTeos Therapeutics had been winding down operations after a failed cancer drug program. The tender offer for iTeos is expected to begin by August 1, 2025. Concentra's approach focuses on acquiring struggling or flailing biotech companies, closing them, and monetizing their remaining assets. This strategy has positioned Concentra as a notable buyer in the Bay Area biotech market this year.