Concentra Biosciences is aggressively acquiring distressed biotech companies, capitalizing on challenges faced by the industry. Owned by Tang Capital Management, the firm has made several acquisitions recently. Cargo Therapeutics, once highly valued for its oncology research, encountered major difficulties resulting in stock plummeting and substantial workforce reductions. It terminated its drug development efforts and aimed to sell remaining assets for shareholder benefit. Concentra's strategy focuses on leveraging opportunities from struggling firms to extract profits amidst broader industry challenges.
Concentra Biosciences is rapidly acquiring struggling biotech companies, taking advantage of Bay Area firms' difficulties, including its recent purchase of Cargo Therapeutics, which faced severe setbacks this year.
Cargo Therapeutics, once valued at $1.2 billion for its oncology research, faced significant challenges in 2025 leading to halting of drug development and massive layoffs, which reflected its status as a 'zombie' company.
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