UK's Redx Pharma slides as Jounce deal falls through

Redx Pharma

27/03/2023 14:14

** Shares of Redx Pharma Plc  REDX.L  fall about 11.3% to
31.50p
    ** U.S.-based biotech firm Jounce Therapeutics Inc  JNCE.O  
says its board is no longer recommending proposed all-share
merger transaction with its British counterpart Redx after the
American firm on Monday agreed to be bought by Concentra
Biosciences LLC
    ** Redx and Jounce last month had agreed to merge to create
a $425 mln entity specialised in treating cancer and fibrotic
disease
    ** Separately, responding to Jounce's announcement, Redx
says it would consider all options available to it in line with
the British firm's strategy
    ** Including session's losses, stock down 50% YTD

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))