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Why Jounce Therapeutics Stock Is Moving Higher Today?

The Board of Directors of Jounce Therapeutics Inc (NASDAQ:JNCE) confirmed that Concentra Biosciences LLC made an unsolicited and non-binding proposal to acquire 100%…
byVandana Singh
March 15, 2023
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  • The Board of Directors of Jounce Therapeutics Inc (NASDAQ:JNCE) confirmed that Concentra Biosciences LLC made an unsolicited and non-binding proposal to acquire 100% of the equity of Jounce.
  • Tang Capital Partners LP is the controlling shareholder of Concentra Biosciences. Tang Capital is approximately a 10.2% shareholder of Jounce.
  • The Proposal consists of $1.80 in cash per share plus a contingent value right (CVR) representing the right to receive 80% of the net proceeds payable from any license or disposition of certain of Jounce’s legacy programs (the “CVR Products”). 
  • The Proposal is subject to limited confirmatory due diligence. It is based on the availability of at least $130 million of cash and cash equivalents.
  • Last month, Redx Pharma and Jounce Therapeutics agreed to merge via a proposed all-share transaction. 
  • Redx is a clinical-stage biotechnology company focused on discovering and developing small molecule, targeted therapeutics for cancer and fibrotic diseases and cancer-associated fibrosis. 
  • Price Action: JNCE shares are up 44.40% at $1.53 on the last check Wednesday.
 
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Cannabis stocks and ETFs opened higher on Tuesday following the release of documents related to the Department of Health and Human Service's (HHS) review of cannabis. Investors are optimistic about potential regulatory changes that could benefit the cannabis industry after the US government released 252 pages of documents confirming the HHS's recommendation that the DEA reschedule cannabis as Schedule III under the Controlled Substances Act. The documents state that cannabis has a currently accepted medical use in treatment and potential for abuse less than drugs in Schedules I and II. In August, the Assistant Secretary for Health wrote a letter to the DEA calling for marijuana to be reclassified. The Secretary of HHS has confirmed that his department shared a comprehensive scientific review with the DEA in response to President Joe Biden's scheduling directive.

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