Concentra Biosciences Acquires iTeos Therapeutics Amid TIGIT Drug Failure

Concentra Biosciences, known for its acquisitions of struggling biotech companies, has announced its latest deal: the purchase of iTeos Therapeutics. This move comes in the wake of iTeos' recent setback with its TIGIT inhibitor program, developed in partnership with GSK.

iTeos' TIGIT Failure and Strategic Shift

iTeos Therapeutics, a Belgium-based biotech company, faced a significant setback in May when its anti-TIGIT antibody belrestotug failed to meet clinical expectations. The drug, developed in collaboration with GSK, showed progression-free survival data that fell short of what the partners deemed clinically meaningful. This failure led iTeos to initiate a wind-down of operations and explore strategic alternatives.

Concentra's Acquisition Terms

Under the terms of the acquisition, Concentra has agreed to purchase iTeos for $10.05 per share in cash, slightly below the company's closing price of $10.26 on the Friday before the announcement. iTeos shareholders will also receive a non-transferable contingent value right, entitling them to a portion of any funds remaining in iTeos' coffers beyond a $475 million baseline. Additionally, shareholders will be entitled to a share of the proceeds from any sales of iTeos' pipeline candidates within six months of the deal's closure.

iTeos' Remaining Assets

Despite the TIGIT setback, iTeos retains several potentially valuable assets in its pipeline:

1. EOS-984: An ENT1-inhibitor in phase 1 development for solid tumors
2. EOS-215: An anti-TREM2 antibody also in phase 1 trials for solid tumors
3. A preclinical obesity program targeting ENT1

These assets, along with iTeos' considerable cash reserves of over $600 million, likely factored into Concentra's decision to acquire the company.

Concentra's Acquisition Strategy

This latest deal aligns with Concentra Biosciences' established strategy of acquiring beleaguered biotech firms. In 2025 alone, Concentra has completed mergers with several struggling companies, including Elevation Oncology, Kronos Bio, Allakos, IGM, and Cargo Therapeutics. However, the company's aggressive approach has not been universally welcomed; two unnamed biotechs enacted "poison pill" defenses in March to ward off Concentra's advances, with one opting to merge with another firm instead.