Jounce Therapeutics jumps on merger deal with Redx Pharma
23/02/2023 11:06
** Shares of immunotherapy developer Jounce Therapeutics Inc
JNCE.O jump 28.23% to $1.27 premarket, among top pct gainers
across U.S. exchanges
** Co and British biotech firm Redx Pharma Plc REDX.L will
merge in a $425 million deal
** The combined company to be called Redx Inc and will be
listed on Nasdaq
** All-share merger expected to be completed by Q2
** The companies will prioritize the development of RXC007,
currently in mid-stage trial for idiopathic pulmonary fibrosis,
in which the lungs become scarred and breathing becomes
increasingly difficult
** JNCE intends to conduct a reverse stock split of its
shares in line with the combination, with a ratio of one new
share for every five outstanding stocks of Jounce
** Co lost ~87% in 2022
(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))