Rain Oncology Enters into Agreement to be Acquired by Pathos AI
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Rain Oncology Inc, had announced that it has entered into a definitive merger agreement whereby Pathos AI, Inc. will acquire Rain Oncology. Privately held Pathos AI, a company focused on leveraging machine learning and real-world data in drug development, will make a cash tender offer for all shares of Rain.
“After a thorough assessment, the Rain Board determined that this transaction is in the best interests of our stockholders, as it leverages Rain’s strong cash position to provide a confirmed cash takeout for our stockholders and retains some future potential upside due to Pathos’ continued interest in further developing milademetan for cancer patients using their proprietary PathOS Platform,” Rain CEO Avanish Vellanki said in a post-market release yesterday.
Pathos wasn’t the only potential suitor circling Rain. The company also received an offer from serial biotech bidder Concentra in October. Rain’s decision to opt for Pathos marks the latest knockback for Tang Capital-owned Concentra, which also failed in its attempts to buy Atea Pharmaceuticals.
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