Concentra's unsolicited bid for Atea is the latest proof that promising but financially strapped biotechs that are trading below cash are prime M&A targets.

In February, Jounce’s future looked bleak after the failure of vopratelimab and fears that its finances would run out. Now, it has two suitors with Concentra making a bid to compete with an all-stock merger with the UK’s Redx.

As agency observers wonder whether and how political considerations will impact the timing of a COVID-19 vaccine approval or authorization, the Pink Sheet looks at instances through the years where agency staffers found themselves operating under precedents with which they disagreed or that didn’t work out as expected.

The company isn't relaying any details about its drug targets, but will use the mega-round to take its first candidates into the clinic. Also, RiverVest raises a $184.4m VC fund, Annexon closes a $75m Series C, Takeda lists its stock in the US, and Aptorum goes public.