Tang Capital continues biotech buying spree with acquisition bid for Rain Oncology

California investment group Tang Capital Management has made its third takeover bid of the year for a struggling biotech, this time aimed at US company Rain Oncology after a Phase III setback earlier this year.

Tang Capital currently has a 14.6% stake in Rain. But its shell company Concentra has offered to buy the biotech for $1.25 per share, plus a contingent value right for 80% of net proceeds from any license or disposal of Rain’s programs.

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