Concentra Biosciences, under hedge fund Tang Capital, has continued its aggressive acquisition strategy, picking up struggling biotech IGM Biosciences for $1.25 per share. This marks Concentra's fourth buyout in 2025, capitalizing on IGM's distress after previous collaboration failures and subsequent workforce reductions. The deal includes contingent value rights linked to cash and pipeline proceeds to provide additional potential upside. Concentra's spree reflects the evolving landscape of biotech consolidations amid financial pressures on smaller companies.