Redx Pharma said it has been notified that Jounce Therapeutics (NASDAQ:JNCE) is pulling out of their merger announced in February in favour of a rival cash offer from Concentra Biosciences.
A cooperation agreement between Redx and Nasdaq-listed Jounce has also been scrapped.
Jane Griffiths, Redx’s chair, said: "The board remains fully confident in the future of Redx despite being disappointed that 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.
“Whilst the offer for Redx has not formally lapsed under the UK Takeover Code, the board will consider all options available to it in line with our strategy."