Keros Therapeutics Tender Offer: Nearly 36% of Outstanding Shares Targeted in $194 Million Buyback
Strong Shareholder Participation Surpasses Offer Limit
Keros Therapeutics (NASDAQ: KROS) announced preliminary results from its recently concluded cash tender offer, revealing substantial interest from shareholders. With the offer closing at 5:00 p.m. ET on November 18, 2025, a total of approximately 16,659,732 shares were validly tendered—far exceeding the company’s plan to repurchase up to 10,950,165 shares at $17.75 per share.
In total, the transaction represents a potential $194.4 million buyback, or nearly 35.91% of Keros’ outstanding common stock as of November 18, 2025. This marks the final leg of the company's $375 million capital return program.
| Tender Offer Metrics | Figure |
|---|---|
| Shares Validly Tendered | 16,659,732 |
| Shares Accepted for Purchase | 10,950,165 |
| Offer Price per Share | $17.75 |
| Total Buyback Value | $194,400,000 |
| % of Outstanding Shares to be Bought | 35.91% |
| Shares via Guaranteed Delivery | 1,186,829 |
Pro Rata Allocation Due to Oversubscription
With more than 16.6 million shares tendered, the offer was oversubscribed—meaning shareholders wishing to sell their stock will see their sales allocated on a pro rata basis. The number of shares finally purchased is still subject to adjustment pending final delivery of guaranteed shares and confirmation from the depositary. Conditional tenders that did not meet specific requirements will be automatically withdrawn.
Capital Return Initiative Nears Completion
The repurchase forms the concluding piece of Keros' previously announced $375 million capital return plan. Payment for accepted shares, as well as the return of unpurchased tendered shares, will be processed promptly following the final count. This sizable buyback demonstrates a significant capital return to investors, reflecting management’s confidence in the company's strategy and outlook.
What’s Next for Keros Investors?
For those tracking Keros, this large-scale repurchase will significantly reduce the number of outstanding shares and could affect future earnings metrics and shareholder ownership percentages. While the precise final numbers will be released following confirmation of guaranteed deliveries, investors should monitor for updates from Keros regarding completion and payment details.
This transaction underscores the importance of tracking corporate capital allocation strategies. If you’re a Keros shareholder, or simply watching the biotech sector, consider how this buyback might shift investor sentiment and company fundamentals moving forward.
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