Rain Oncology Confirms Receipt of Unsolicited Proposal from Concentra Biosciences
NEWARK, Calif., October 16, 2023 – Rain Oncology, Inc. (NasdaqGS: RAIN) (“Rain”) confirmed that it has received an unsolicited proposal from Tang Capital, LP on behalf of Concentra Biosciences LLC to acquire all outstanding shares of common stock of Rain for $1.25 per share in cash, plus a contingent value right (“CVR”) representing the right to receive 80% of the net proceeds payable from any license or disposition of Rain’s programs.
Rain’s Board of Directors and management team regularly review opportunities to generate stockholder value and are committed to acting in the best interests of all stockholders.
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.
About Rain Oncology Inc.
Rain Oncology Inc. is a precision oncology company developing therapies that target oncogenic drivers to genetically select patients it believes will most likely benefit. Rain’s product candidate, milademetan, is a small molecule, oral inhibitor of the p53-MDM2 complex that reactivates p53.
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding the evaluation by the Rain Board of Directors of the Concentra Biosciences offer. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will”, “anticipates,” “goal,” “potential,” “expects” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Rain’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include the other risks described in Rain’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and subsequent filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Rain undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.