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.

After a brief lull in US initial public offerings, PainReform and three special purpose acquisition companies kicked off September’s IPOs. Also, Immunovant offering grossed $173.9m, Carlyle Group bought 5% stake in China’s Salubris and Erasca increased its series B to $236m. 

The convenient oral therapy could have benefits over more traditional infused taxane chemotherapies, and a new drug application filing is planned for 2021.