Austrian arenaviral technology firm HOOKIPA Pharma (Nasdaq: HOOK) and Poolbeg Pharma (AIM: POLB) have entered into non-binding discussions for an all-share acquisition by HOOKIPA of London-listed Poolbeg to create a strong clinical-stage biopharmaceutical company focused on developing and commercializing innovative medicines for critical unmet medical needs, with a special focus on next-generation immunotherapies for the treatment of cancer and other serious diseases.
The potential combination is intended to be implemented by means of a scheme of arrangement under Part 26 of the companies Act 2006. No financial terms have been disclosed at this stage, but Poolbeg’s shares tumbled 36.6% to £4.50 in early trading this morning.
The boards of both companies believe that the potential combination would create a Nasdaq-listed combined group operated by a combined management team experienced in successfully developing and commercializing medicines with a focus on execution and operational excellence.
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