# EDGAR Filing Document

**Accession Number:** 0001496323
**File Stem:** 0001193125-25-153739
**Filing Date:** 2025-7
**Character Count:** 25464
**Document Hash:** 906865de59eacfb0ca3a0de2ee1a631f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153739.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153739

**CONFORMED SUBMISSION TYPE**: SC14D9C

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IGM Biosciences, Inc.
- **CENTRAL INDEX KEY:** 0001496323
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 770349194
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91132
- **FILM NUMBER:** 251094750

**BUSINESS ADDRESS:**
- **STREET 1:** 325 E MIDDLEFIELD ROAD
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
- **BUSINESS PHONE:** 650-965-7873

**MAIL ADDRESS:**
- **STREET 1:** 325 E MIDDLEFIELD ROAD
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Palingen, Inc.
- **DATE OF NAME CHANGE:** 20100712
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IGM Biosciences, Inc.
- **CENTRAL INDEX KEY:** 0001496323
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 770349194
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC14D9C

**BUSINESS ADDRESS:**
- **STREET 1:** 325 E MIDDLEFIELD ROAD
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
- **BUSINESS PHONE:** 650-965-7873

**MAIL ADDRESS:**
- **STREET 1:** 325 E MIDDLEFIELD ROAD
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Palingen, Inc.
- **DATE OF NAME CHANGE:** 20100712

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**SCHEDULE 14D-9** 

**Solicitation/Recommendation Statement** 

**under Section 14(d)(4) of the Securities Exchange Act of 1934** 

## IGM BIOSCIENCES, INC.
**(Name of Subject Company)** 

**(Name of Person(s) Filing Statement)** 

**Common Stock, $0.01 par value per share** 

**(Title of Class of Securities)** 

**449585108** 

**(CUSIP Number of Class of Securities)** 

**Mary Beth Harler, M.D.** 

**Chief Executive Officer** 

**IGM Biosciences, Inc.** 

**3 East Third Avenue, Suite 200,** 

**San Mateo California, 94401** 

**(650) 965-7873** 

**(Name, address and telephone number of person authorized to receive notices and communications** 

**on behalf of the person(s) filing statement)** 

***With copies to:***

**Tony Jeffries** 

**Robert T. Ishii** 

**Jennifer Knapp** 

**Ethan Lutske** 

**Wilson Sonsini Goodrich & Rosati, Professional Corporation** 

**650 Page Mill Road** 

**Palo Alto, California 94304** 

**(650) 493-9300** 

**Misbah Tahir** 

**Chief Financial Officer** 

**IGM Biosciences, Inc.** 

**3 East Third Avenue, Suite 200,** 

**San Mateo California, 94401** 

**(650) 965-7873** 

☒ Check the box if the filing relates solely to preliminary communications made before the commencement of a
tender offer.

------

On July 1, 2025, IGM Biosciences, Inc., a Delaware corporation (the "Company" or "IGM"), issued a press release announcing the execution of an Agreement and Plan of Merger (the "Merger Agreement") with Concentra Biosciences, LLC ("Parent") and Concentra Merger Sub V, Inc. ("Merger Sub").

The Merger Agreement provides that, upon the terms and subject to the conditions thereof, Parent will commence a tender offer (the "Offer") to acquire any and all shares of common stock of the Company, $0.01 par value per share, at a price per share of (i) $1.247 in cash, payable subject to any applicable tax withholding and without interest; plus (ii) one contingent value right.

This Schedule 14D-9 filing consists of the following documents related to the proposed Offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Press Release, dated as of July 1, 2025 (Exhibit 99.1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Email to Employees, first used July 1, 2025 (Exhibit 99.2)

The information set forth under Item 1.01 of IGM's Current Report on Form 8-K filed by the Company on July 1, 2025 (including all exhibits attached thereto) is incorporated herein by reference.

***Important Additional Information and Where to Find It***

In connection with the proposed acquisition of IGM Biosciences, Inc. ("IGM" or the "Company"), Concentra Biosciences, LLC ("Concentra") and its acquisition subsidiary will commence a tender offer for all of the outstanding shares of IGM (the "Offer") pursuant to the terms of an Agreement and Plan of Merger, dated as of July 1, 2025 (the "Merger Agreement"), by and among IGM, Concentra, and Concentra Merger Sub V, Inc., a Delaware corporation and a wholly-owned subsidiary of Concentra ("Merger Sub"). The Offer has not yet commenced, and this communication is neither a recommendation, nor an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of the Company ("Common Stock") or any other securities. On the commencement date of the Offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the Securities and Exchange Commission (the "SEC") by Concentra and Merger Sub, and a Solicitation/Recommendation Statement on Schedule 14D-9 will be filed with the SEC by the Company. The Offer to purchase the outstanding shares of Common Stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of Schedule TO. **INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER.** Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the Offer, which will be named in the tender offer statement. Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by the Company under the "SEC Filings" subsection of the "Financials & Filings" section of the Company's website at https://investor.igmbio.com/.

------

***Cautionary Note Regarding Forward-Looking Statements***

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's beliefs and expectations and statements about the Offer, the merger of Merger Sub with and into the Company and the other transactions contemplated by the Merger Agreement (collectively, the "Transactions"), including the timing of and closing conditions to the Transactions, and the potential effects of the proposed Transactions on the Company. These statements may be identified by their use of forward-looking terminology including, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," and "would," and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the possibility that various closing conditions set forth in the Merger Agreement may not be satisfied or waived, including uncertainties as to the percentage of the Company's stockholders tendering their shares in the Offer; the possibility that competing offers will be made; the Company's ability to retain key personnel; the risk that the Transactions may not be completed in a timely manner, or at all, which may adversely affect the Company's business and the price of the shares of Common Stock; significant costs associated with the proposed Transactions; the risk that any stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; and other risks and uncertainties discussed in the Company's most recent annual and quarterly reports filed with the SEC as well as in the Company's subsequent filings with the SEC. As a result of such risks and uncertainties, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. There can be no assurance that the proposed Transactions will in fact be consummated. The Company cautions investors not to unduly rely on any forward-looking statements.

The forward-looking statements contained in this communication are made as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise, except as expressly required by law. All forward-looking statements in this document are qualified in their entirety by this cautionary statement.

**Exhibit Index** 

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 99.1 | [Press Release, dated as of July 1, 2025](d84611dex991.htm) |
| 99.2 | [Email to Employees, first used July 1, 2025](d84611dex992.htm) |

---

## Exhibit 99.1

**Exhibit 99.1** 

**IGM Biosciences Enters into Agreement to Be Acquired by Concentra Biosciences for $1.247 in Cash per Share Plus a Contingent Value Right** 

Mountainview, Calif. July 1, 2025 – IGM Biosciences, Inc. (Nasdaq: IGMS), a biotechnology company that has focused on developing engineered IgM-based therapeutic antibodies, today announced that it has entered into a definitive merger agreement (the "Merger Agreement") with Concentra Biosciences, LLC ("Concentra"), whereby Concentra will acquire IGM Biosciences for $1.247 in cash per share of IGM Biosciences common stock ("Common Stock"), plus one non-tradeable contingent value right ("CVR"), which represents the right to receive: (i) 100% of the closing net cash of IGM Biosciences in excess of $82.0 million; and (ii) 80% of any net proceeds received within one year following closing from any disposition of certain of IGM Biosciences' product candidates and intellectual property that occurs within one year following closing, each pursuant to a contingent value rights agreement (the "CVR Agreement").

The IGM Biosciences Board of Directors has unanimously determined that the acquisition by Concentra is in the best interests of all IGM Biosciences stockholders and has approved the Merger Agreement and related transactions.

Pursuant and subject to the terms of the Merger Agreement, Concentra will commence a tender offer (the "Offer") by July 16, 2025 to acquire all outstanding shares of Common Stock. Closing of the Offer is subject to certain conditions, including the tender of voting Common Stock representing at least a majority of the total number of outstanding shares of voting Common Stock, the availability of at least $82.0 million of cash (net of transaction costs and other liabilities at closing), and other customary closing conditions. The merger transaction is expected to close in August 2025.

**Advisors** 

Wilson Sonsini Goodrich & Rosati, P.C. is acting as legal counsel to IGM Biosciences. Gibson, Dunn & Crutcher LLP is acting as legal counsel to Concentra.

**About IGM Biosciences, Inc.** 

IGM Biosciences is a biotechnology company that has focused on developing engineered IgM-based therapeutic antibodies. For more information, visit <u>https://igmbio.com/</u>.

**Forward-Looking Statements** 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding IGM Biosciences' beliefs and expectations and statements about the Offer, the merger and related transactions contemplated by the Merger Agreement and the CVR Agreement (the "Transactions"), the ability to complete the transactions contemplated by the Merger Agreement, including the ability to satisfy the conditions to the consummation of the Offer contemplated thereby and the other conditions set forth in the Merger Agreement, the timing of the Transactions, the potential effects of the proposed Transactions on IGM Biosciences and the potential payment of proceeds to IGM Biosciences' stockholders, if any, pursuant to the CVR Agreement. These statements may be identified by their use of forward-looking terminology including, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," and "would," and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the possibility that various closing conditions set forth in the Merger Agreement may not be satisfied or waived, including uncertainties as to the percentage of IGM Biosciences' stockholders tendering their shares in the Offer; the possibility that competing offers will be made; the

------

risk that the Transactions may not be completed in a timely manner, or at all, which may adversely affect IGM Biosciences' business and the price of its common stock; significant costs associated with the proposed Transactions; the risk that any stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; the risk that activities related to the CVR Agreement may not result in any value to IGM Biosciences' stockholders; and other risks and uncertainties discussed in IGM Biosciences' most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on March 6, 2025 and the Amendment No. 1 to Annual Report on Form 10-K filed with the SEC on April 30, 2025 as well as in IGM Biosciences' subsequent filings with the SEC. As a result of such risks and uncertainties, IGM Biosciences' actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. There can be no assurance that the proposed Transactions will in fact be consummated. IGM Biosciences cautions investors not to unduly rely on any forward-looking statements.

The forward-looking statements contained in this press release are made as of the date hereof, and IGM Biosciences undertakes no obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise, except as expressly required by law. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.

**Additional Information and Where to Find It** 

The Offer described in this press release has not yet commenced, and this press release is neither a recommendation, nor an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of IGM Biosciences or any other securities, nor is it a substitute for the tender offer materials that Concentra will file with the SEC on commencement of the Offer. On the commencement date of the Offer, Concentra will file with the SEC a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, and IGM Biosciences will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. The Offer to purchase the outstanding shares of Common Stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO.

**INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER.** 

Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the Offer, which will be named in the tender offer statement. Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by IGM Biosciences under the "SEC Filings" subsection of IGM Biosciences' website at https://investor.igmbio.com/. The information contained in, or that can be accessed through, IGM Biosciences' website is not a part of, or incorporated by reference herein. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, IGM Biosciences files annual, quarterly, and current reports, proxy statements and other information with the SEC. You may read any reports, statements or other information filed by IGM Biosciences with the SEC for free on the SEC's website at www.sec.gov.

**Contact** 

Argot Partners

David Pitts

212-600-1902

igmbio@argotpartners.com

## Exhibit 99.2

**Exhibit 99.2** 

IGM Colleagues,

As you know, we have been working over the past several months to determine a strategic path forward for our company. Today we announced that we have entered into a definitive merger agreement with Concentra Biosciences, LLC and Concentra Merger Sub V, Inc., whereby Concentra will acquire IGM Biosciences for $1.247 in cash per share of IGM Biosciences common stock, plus one non-tradeable contingent value right ("CVR"), which represents the right to receive: (i) 100% of the closing net cash of IGM Biosciences in excess of $82.0 million; and (ii) 80% of any net proceeds received within one year following the closing of the transaction from any disposition of certain of IGM Biosciences' product candidates and intellectual property that occurs within one year following the closing of the transaction.

The IGM Biosciences Board of Directors met earlier today and has unanimously determined that the acquisition by Concentra is in the best interests of all IGM Biosciences stockholders and has approved the Merger Agreement and related transactions. Attached for your reference is the accompanying press release.

Based upon the timelines required to complete the tender offer, the transaction could close in mid to late August. During the intervening time, we will continue the effort to wind down remaining IGM operations.

Thank you for your hard work and collaboration, and we will keep you apprised of any new developments.

***Important Additional Information and Where to Find It***

In connection with the proposed acquisition of IGM Biosciences, Inc. ("IGM" or the "Company"), Concentra Biosciences, LLC ("Concentra") and its acquisition subsidiary will commence a tender offer for all of the outstanding shares of IGM (the "Offer") pursuant to the terms of an Agreement and Plan of Merger, dated as of July 1, 2025 (the "Merger Agreement"), by and among IGM, Concentra, and Concentra Merger Sub V, Inc., a Delaware corporation and a wholly-owned subsidiary of Concentra ("Merger Sub"). The Offer has not

------

yet commenced, and this communication is neither a recommendation, nor an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of the Company ("Common Stock") or any other securities. On the commencement date of the Offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the Securities and Exchange Commission (the "SEC") by Concentra and Merger Sub, and a Solicitation/Recommendation Statement on Schedule 14D-9 will be filed with the SEC by the Company. The Offer to purchase the outstanding shares of Common Stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of Schedule TO. **INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, A LETTER OF TRANSMITTAL AND RELATED DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SHARES, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER.** Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the information agent for the Offer, which will be named in the tender offer statement. Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by the Company under the "SEC Filings" subsection of the "Financials & Filings" section of the Company's website at https://investor.igmbio.com/.

***Cautionary Note Regarding Forward-Looking Statements***

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's beliefs and expectations and statements about the Offer, the merger of Merger Sub with and into the Company and the other transactions contemplated by the Merger Agreement (collectively, the "Transactions"), including the timing of and closing conditions to the Transactions, and the potential effects of the proposed Transactions on the Company. These statements may be identified by their use of forward-looking terminology including, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," and "would," and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the possibility that various closing conditions set forth in the Merger Agreement may not be satisfied or waived, including uncertainties as to the percentage of the Company's stockholders tendering their shares in the Offer; the

------

possibility that competing offers will be made; the Company's ability to retain key personnel; the risk that the Transactions may not be completed in a timely manner, or at all, which may adversely affect the Company's business and the price of the shares of Common Stock; significant costs associated with the proposed Transactions; the risk that any stockholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; and other risks and uncertainties discussed in the Company's most recent annual and quarterly reports filed with the SEC as well as in the Company's subsequent filings with the SEC. As a result of such risks and uncertainties, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. There can be no assurance that the proposed Transactions will in fact be consummated. The Company cautions investors not to unduly rely on any forward-looking statements.

The forward-looking statements contained in this communication are made as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise, except as expressly required by law. All forward-looking statements in this document are qualified in their entirety by this cautionary statement.