Concentra Biosciences, part of Tang Capital Partners, has agreed to acquire IGM Biosciences for $1.25 per share, with the deal expected to close in August pending approvals. IGM will also receive potential additional payments through a contingent value right tied to net cash above $82 million at closing and proceeds from future asset sales or licensing within one year.

IGM Biosciences, which focuses on IgM antibody therapies, faced significant setbacks after Sanofi ended a collaboration, leading to major staff cuts and lab closures. The company had already reduced its workforce in previous years, discontinued its internal drug programs, and received a Nasdaq warning for falling below market value requirements.