Keros Therapeutics, Inc. (NASDAQ: KROS) announced today that it has entered into share purchase agreements to repurchase all common stock held by ADAR1 Capital Management and Pontifax Venture Capital at a purchase price of $17.75 per share. The aggregate purchase price for the repurchase is approximately $181 million and the transactions are expected to close on October 15, 2025, using the company’s existing cash and cash equivalents.
Following the closing of the repurchase agreements, Keros will commence a tender offer for up to $194 million of additional shares at the same purchase price of $17.75 per share. The tender offer is intended to be funded from the company’s cash reserves and is expected to begin by the end of October 2025. The company also announced that it will distribute 25% of any net cash proceeds received on or before December 31, 2028 from its global license agreement with Takeda Pharmaceuticals U.S.A., Inc. to Keros stockholders.
The share repurchase and tender offer represent a significant capital return initiative that aligns with Keros’s broader strategy to return excess capital to shareholders while maintaining a strong cash position to support its focused pipeline, particularly the KER‑065 program for Duchenne muscular dystrophy. The transaction also includes the resignation of board members Mr. Ran Nussbaum and Mr. Tomer Kariv, effective immediately, reflecting a governance adjustment accompanying the capital return.
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