(Alliance News) - Redx Pharma PLC on Friday said discussions with Yesod Bio-Sciences Ltd, which mulled a takeover of the drug discovery firm, have stalled.
Yesod on Friday said it "does not intend to make an offer". Earlier in February, Redx said the UK Panel on Takeovers & Mergers has agreed to extend the deadline for possible cash offer to February 24.
Redx on Friday explained: "The board of Redx decided, after careful consideration, including extensive discussion with Moulton Goodies Ltd, the company's largest shareholder, that the possible offer from Yesod substantially undervalued the company and its assets.
Shares in the company closed 12% lower at 7.25 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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Redx Pharma (REDX)