Redx Pharma Shares Fall After Jounce Pulls Out of Merger

Dow Jones2023-03-27

By Michael Susin

Shares of Redx Pharma PLC fell 11% on Monday after Jounce Therapeutics Inc. pulled out of their previously agreed merger agreement.

Redx--which agreed to merge with the Cambridge, Mass., clinical-stage immunotherapy company in an all-share deal in February--said that it will consider all option available to it in line with the company's strategy.

Shares at 1354 GMT were down 4.0 pence at 31.50 pence.

Earlier Monday, Jounce said that it has agreed to be acquired by Concentra Biosciences LLC at $1.85 a share and that it would no longer be recommending the proposed merger with Redx.

"The board remains fully confident in the future of Redx despite being disappointed that the board of Jounce has now decided to recommend a cash offer for their company at this late stage. We strongly believe in the potential of our clinical stage assets and pipeline of development candidates," Redx Chair Jane Griffiths said.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

March 27, 2023 10:13 ET (14:13 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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