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Redx Pharma receives further approach from Waksal-led Yesod worth a possible 15p a share

In a surprise announcement on Friday, the company confirmed that Yesod Bio-Sciences has returned to the table with an indicative 15p a share offer. The stock closed Thursday at 4.5p

Redx Pharma Plc -

A company led by a colourful biotech entrepreneur and the former head of the football league has made another private approach for Redx Pharma PLC (LON:REDX) two weeks after discussions were terminated.

In that time, Redx, led by Lisa Anson, has brokered a £26mln funding package that secured the company’s immediate future.

In a surprise announcement on Friday, the company confirmed that Yesod Bio-Sciences has returned to the table with an indicative 15p a share offer. The stock closed Thursday at 4.5p.

Yesod, for the uninitiated, has as its helm ImClone Systems founder Sam Waksal and investment banker and former football boss Keith Harris.

The private approach is contingent on the backing of the company’s main investor Moulton Goodies and the unanimous recommendation from the directors.

“The board will make further announcements in due course,” Yesod said.

Bid interest emerged at the tail end of the last year and the negotiations, it would appear, have been protracted.

In a separate announcement, the company's funder, Redmile Group, has notified the stock exchange it now holds 45.5% of the company.

In an update last month, it was revealed Redmile would provide convertible debt and equity funding for Redx.

The shares were up 187% in early deals.

---adds Redmile and share price---

Quick facts: Redx Pharma PLC

Price: 35 GBX

AIM:REDX
Market: AIM
Market Cap: £66.5 m
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