Keros Therapeutics, Inc. completed a tender offer that repurchased 10,950,165 shares of its common stock at a fixed price of $17.75 per share, totaling approximately $194.4 million. The offer, which expired at 5:00 p.m. ET on November 18, 2025, was fully accepted and represents roughly 35.9 % of the company’s outstanding shares.
The tender offer is the final step in a $375 million capital‑return program announced in October 2025. The program also includes direct repurchases from major holders ADAR1 Capital Management and Pontifax Venture Capital for about $181 million, and a commitment to distribute 25 % of future net proceeds from the Takeda license agreement to shareholders.
Keros is a clinical‑stage biopharmaceutical company that develops therapies for disorders linked to dysfunctional TGF‑β signaling. Its lead candidates, KER‑065 for neuromuscular diseases and elritercept for cytopenias, are supported by a pipeline that has attracted significant investor interest. The company’s balance sheet is strong, with more cash than debt and an “excellent” financial health rating.
By repurchasing a substantial portion of its equity, Keros reduces its share count, potentially improving earnings per share and return on equity. The move also signals management’s confidence in the company’s long‑term prospects and its ability to generate excess cash, allowing it to return value to shareholders while maintaining flexibility for future investment.
Keros’ Q3 2025 financial results, released on November 5, 2025, showed a 3,585.6 % year‑over‑year increase in revenue and an earnings‑per‑share beat. The strong revenue growth was driven by progress in its clinical pipeline, while disciplined cost management helped preserve profitability, reinforcing the rationale for the capital‑return program.
Chair Jean‑Jacques Bienaimé said the capital‑return program reflects confidence in Keros’ outlook and the prospects for its key clinical program, KER‑065. He emphasized the company’s focus on executing its clinical strategy and maintaining a robust cash position.
The market reacted positively to the tender offer, reflecting confidence in the company’s capital‑return strategy and its recent earnings performance.
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