Redx Pharma PLC (AIM:REDX) said its proposed business combination with Jounce Therapeutics (NASDAQ:JNCE) of the US has lapsed following the latter’s merger agreement with Concentra Biosciences.
In a statement, Redx chief executive Lisa Anson said the outcome was "clearly disappointing" before adding that the company "continues to demonstrate strong momentum in its pipeline".
She noted that the drug developer was poised to achieve "significant value inflexion points from both clinical-stage assets and development candidates in the next 12 months.”
“The board continually evaluates relevant strategic and financial opportunities for the company, and we will continue to do so in the best interests of our shareholders," Anson told investors.