Mangoceuticals to evaluate potential strategic alternatives, shares fall

Mangoceuticals

22/10/2024 14:58

(Updates)
    ** Shares of telehealth company Mangoceuticals  MGRX.O ,
also known as MangoRx, fall ~1% to $2.40 
    ** Company says it has initiated a review process to
evaluate potential strategic alternatives, including but not
limited to potential mergers, acquisitions, divestitures and
other transactions
    ** MGRX has not established a timeline for completion of the
review process
    ** Earlier this week, Eli Lilly  LLY.N  sued three medical
spas and online vendors, including MangoRx, for selling products
claiming to contain tirzepatide, the main ingredient in its
popular weight-loss drug Zepbound
    ** The lawsuit came after MangoRx launched its own brand
called "Trim" — a compounded, oral dissolvable tirzepatide
tablet
    ** Up to last close, stock down 41.5% YTD

    

 (Reporting by Christy Santhosh)
 ((Christy.Santhosh@thomsonreuters.com))