Latest news with #Concentra
Yahoo
09-06-2025
- Business
- Yahoo
Concentra to acquire Elevation in bid to eliminate another biotech ‘zombie'
This story was originally published on BioPharma Dive. To receive daily news and insights, subscribe to our free daily BioPharma Dive newsletter. Elevation Oncology has agreed to be acquired by an investment firm focused on buying struggling biotechs and shutting them down. The cancer drug developer on Monday accepted a bid from Concentra Biosciences, a vehicle controlled by hedge fund Tang Capital Partners. Through the deal, Concentra will pay $0.36 in cash for each Elevation share. The biotech's stockholders could also receive a so-called contingent value right equal to 80% of the proceeds of a deal involving the company's sole drug prospect, EO-1022, subject to certain time constraints, as well as all net cash at closing over $26.4 million. The offer has the full support of Elevation's board and is expected to close in July, pending shareholder approval. Elevation's deal is the latest example of a shift in the investment climate for public biotech companies, many of which have suffered setbacks that have rendered them worth less than their cash reserves. Historically, these types of companies tend to change course or merge with a privately held counterpart. However, investors have begun to more closely scrutinize these biotech 'zombies' and press their boards, arguing their cash should be returned to shareholders instead. In recent months, companies like Third Harmonic Bio and iTeos Therapeutics have announced plans to dissolve. Others, such as Acelyrin, Essa Pharma, Pliant Therapeutics and Keros Therapeutics have faced pressure from investors. And multiple investment funds are looking specifically to acquire floundering biotechs and liquidate them. Through Concentra, for instance, Tang Capital has already bought several struggling companies, including Allakos, Jounce Therapeutics and more recently, Kronos Bio. Elevation is its latest target. The company went public in 2021 during a boom in initial public offerings. But its lead drug disappointed in clinical testing, ultimately leading the company to shelve the program, lay off a majority of its staff and begin a strategic review. Its shares have traded at less than $1 apiece for nearly a year. Investment firm and shareholder BML Capital Management in April called for the firm to liquidate and return all of its cash to stockholders, given the state of the equity markets and 'abysmal performance' of many recent reverse mergers. Elevation's one remaining drug, dubbed EO-1022, is an antibody-drug conjugate in preclinical development for solid tumors. Prior to accepting Concentra's bid, the company said it planned to ask regulators in 2026 to begin human testing. Sign in to access your portfolio
Yahoo
03-06-2025
- Business
- Yahoo
Concentra announces closing of Pivot Onsite Innovations acquisition
Concentra (CON) Group announced the closing of the transaction to acquire Pivot Onsite Innovations from Athletico Physical Therapy. 'We are very excited about the addition of Pivot Onsite Innovations to Concentra Onsite Health,' said Matt DiCanio, Concentra's President and Chief Financial Officer. 'This collaboration doubles the size of our growing Concentra Onsite Health operating segment and fully aligns with our business, mission, and growth strategy. It truly showcases our commitment to not only investing in but also scaling our onsite health clinics business.' Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on CON: Disclaimer & DisclosureReport an Issue Concentra expands in Chattanooga, Tennessee with new medical center Concentra Group Holdings: Strong Q1 2025 Performance and Strategic Growth Drive Buy Rating Concentra Reports Strong Q1 2025 Performance Concentra Group Holdings: Strong Q1 Performance and Strategic Acquisitions Justify Buy Rating and Price Target Increase Concentra Group Reports Q1 2025 Financial Results Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Wire
02-06-2025
- Business
- Business Wire
Concentra ® Announces Closing of Pivot Onsite Innovations Acquisition
ADDISON, Texas--(BUSINESS WIRE)--Concentra Group Holdings Parent, Inc. ('Concentra,' 'the Company,' 'we,' 'us,' or 'our') (NYSE: CON), the nation's largest provider of occupational health services, today announced the closing of the transaction to acquire Pivot Onsite Innovations from Athletico Physical Therapy. Pivot Onsite Innovations is a leader in the onsite health industry with over 200 onsite health clinics at employer locations in over 40 states. 'We are very excited about the addition of Pivot Onsite Innovations to Concentra Onsite Health,' said Matt DiCanio, Concentra's President and Chief Financial Officer. 'This collaboration doubles the size of our growing Concentra Onsite Health operating segment and fully aligns with our business, mission, and growth strategy. It truly showcases our commitment to not only investing in but also scaling our onsite health clinics business.' 'Joining forces with Pivot Onsite Innovations expands upon our ability to deliver accessible occupational health and advanced primary care to large employers and their employees. Beyond our enhanced service offerings, we remain steadfast in ensuring customers continue to receive personalized service and high-quality clinical care,' said Mike Rhine, Executive Vice President, Chief Operating Officer, Onsite Health and Telemedicine. 'Our combined teams and resources will elevate standards of care in onsite health and further enhance Concentra's ongoing efforts to develop innovative direct-to-employer health solutions that promote a healthier, safer, and more productive workforce.' Pivot Onsite Innovations colleagues have provided high-quality occupational health, wellness, prevention, and performance services for over two decades, delivering improved health outcomes for employees at leading organizations across the country. With the addition of Pivot Onsite Innovations, Concentra's Onsite Health organization will expand to approximately 350 onsite health clinics at employer worksites in over 40 states. Customers will benefit as the Company leverages over 50 years of combined onsite health experience and expertise to continue to provide trusted care in support of its mission to improve the health of America's workforce, one patient at a time. 'The goal for the streamlined single organization is to build on the past decades of providing high-quality service to customers while offering advancement opportunities for our colleagues. Together, we can deliver expanded services and continue to build on what each of us has achieved individually,' said Dr. Lawrence J. Goren, Founder and Chief Medical Officer of Pivot Onsite Innovations. We are committed to ensuring a seamless transition for Pivot's clients, with no disruption to current services. Pivot's customers will continue to receive care from their trusted, familiar teams, backed by Concentra's expanded resources and capabilities. Key leaders from Pivot Onsite Innovations, including Dr. Goren, Scott Goren, and Paul Goren, have transitioned to Concentra Onsite Health, bringing their leadership and expertise to ensure business continuity and foster continued business growth. The Company acquired Pivot Onsite Innovations for a purchase price of $55 million, subject to adjustment in accordance with the terms and conditions set forth in the Purchase Agreement. The transaction was financed using a combination of cash on hand and available borrowing capacity under its existing revolving credit facility. About Concentra Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America's workforce, one patient at a time. Our approximately 12,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care. We support the care of approximately 50,000 patients each day on average across 45 states at our 627 occupational health centers, 160 onsite health clinics at employer worksites, and Concentra Telemed as of March 31, 2025.
Business Wire
19-05-2025
- Health
- Business Wire
Concentra Expands in Chattanooga, Tennessee
ADDISON, Texas--(BUSINESS WIRE)--Concentra® (NYSE: CON) the nation's leader in occupational medicine, today announced the opening of a new medical center in Chattanooga, Tennessee. The medical center, Concentra Chattanooga Downtown is conveniently located at 1206 Broad Street, Suite 106, Chattanooga, Tennessee 37402. 'We're excited to continue our expansion in eastern Tennessee,' said Janet Cobb, MD, senior vice president of Concentra medical operations. 'Expanding our footprint helps us to build stronger relationships with local employers and provide employees with additional access points to care.' Concentra will provide work injury care, physical therapy, drug testing, DOT physical exams, pre-placement exams, and other employer-related health services from its new location in Chattanooga. Telemedicine for minor work injuries will also be available via Concentra Telemed®, Concentra's proprietary telemedicine platform. Concentra has long been known as the premier provider of occupational health and urgent care services delivered through an extensive network of more than 620 locations nationwide. This expansion strengthens Concentra's growing presence in Tennessee and enables the company to more effectively meet the demand for comprehensive occupational health services in the region. Concentra offers quality, efficient medical care to meet the needs of employers and their employees at convenient times and locations. To explore Concentra's ever-expanding national footprint and to see a complete list of locations, visit About Concentra Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America's workforce, one patient at a time. Our 12,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care, to more than 50,000 patients each day on average from more than 625 occupational health centers in 41 states and 160 onsite health clinics at employer worksites in 36 states as of May 19, 2025.
Associated Press
19-05-2025
- Health
- Associated Press
Concentra Expands in Chattanooga, Tennessee
ADDISON, Texas--(BUSINESS WIRE)--May 19, 2025-- Concentra® (NYSE: CON) the nation's leader in occupational medicine, today announced the opening of a new medical center in Chattanooga, Tennessee. The medical center, Concentra Chattanooga Downtown is conveniently located at 1206 Broad Street, Suite 106, Chattanooga, Tennessee 37402. 'We're excited to continue our expansion in eastern Tennessee,' said Janet Cobb, MD, senior vice president of Concentra medical operations. 'Expanding our footprint helps us to build stronger relationships with local employers and provide employees with additional access points to care.' Concentra will provide work injury care, physical therapy, drug testing, DOT physical exams, pre-placement exams, and other employer-related health services from its new location in Chattanooga. Telemedicine for minor work injuries will also be available via Concentra Telemed®, Concentra's proprietary telemedicine platform. Concentra has long been known as the premier provider of occupational health and urgent care services delivered through an extensive network of more than 620 locations nationwide. This expansion strengthens Concentra's growing presence in Tennessee and enables the company to more effectively meet the demand for comprehensive occupational health services in the region. Concentra offers quality, efficient medical care to meet the needs of employers and their employees at convenient times and locations. To explore Concentra's ever-expanding national footprint and to see a complete list of locations, visit About Concentra Concentra is the largest provider of occupational health services in the United States by number of locations, with the mission of improving the health of America's workforce, one patient at a time. Our 12,000 colleagues and affiliated physicians and clinicians support the delivery of an extensive suite of services, including occupational and consumer health services and other direct-to-employer care, to more than 50,000 patients each day on average from more than 625 occupational health centers in 41 states and 160 onsite health clinics at employer worksites in 36 states as of May 19, 2025. View source version on CONTACT: Lynn Craig 610-739-8003 [email protected] KEYWORD: UNITED STATES NORTH AMERICA TEXAS TENNESSEE INDUSTRY KEYWORD: PROFESSIONAL SERVICES HEALTH TELEMEDICINE/VIRTUAL MEDICINE HOSPITALS PHYSICAL THERAPY HUMAN RESOURCES GENERAL HEALTH SOURCE: Concentra Copyright Business Wire 2025. PUB: 05/19/2025 08:20 AM/DISC: 05/19/2025 08:19 AM
