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Jounce Therapeutics, Redx Pharma Terminate Merger Agreement

NEW YORK – Jounce Therapeutics on Monday announced the termination of its acquisition by Redx Pharma.

Both companies agreed to terminate the combination after Jounce's board of directors withdrew its recommendation of the deal due to an unsolicited acquisition proposal from Concentra Biosciences. The Redx acquisition was first announced in February.

Jounce will also no longer convene a meeting of its stockholders to consider the Redx acquisition.

Last week, Jounce entered into a merger agreement with Concentra Biosciences, in which Concentra will acquire Jounce for $1.85 in cash per share plus a non-tradeable contingent value right.

Jounce, based in Cambridge, Massachusetts, is studying vopratelimab, a monoclonal antibody that activates the inducible T-cell costimulator on certain T cells, as a treatment for metastatic non-small cell lung cancer patients selected by Jounce's 18-gene RNA tumor inflammation signature, TISvopra, in the Phase II SELECT trial. Jounce was also studying vopratelimab with its PD-1 inhibitor pimivalimab in the SELECT trial but reported in August that the combination did not meet the primary endpoint of change in measurable lesion size from baseline. The firm is also studying its LILRB2/ILT4 antibody, JTX-8064, in the Phase I/II INNATE trial as a monotherapy and in combination with pimivalimab in patients with advanced refractory solid tumors.