Infinity Pharma falls after termination of merger with MEI Pharma

Infinity Pharmaceuticals

24/07/2023 14:13

** Shares of Infinity Pharmaceuticals Inc  INFI.O  fall ~43%
to $0.12 premarket
    ** Co says it has terminated merger agreement with cancer
therapy developer MEI Pharma Inc  MEIP.O   
    ** Says MEIP shareholders did not approve the merger with
Infinity
     ** INFI says will explore strategic alternatives intended
to realize the potential value of its lead drug candidate,
eganelisib  
    ** Eganelisib is being tested in a mid-stage study for a
type of head and neck cancer -INFI
    ** INFI is entitled to reimbursement of certain expenses and
fees of $1 mln from MEIP and also eligible to receive an
additional $4 mln under the terms of the merger agreement - INFI
    ** Up to last close, INFI shares down ~60% this year

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))