Poolbeg Pharma shares plummet as Hookipa walks away from possible bid

(Alliance News) - Poolbeg Pharma PLC on Friday said it is "surprised and disappointed" by Hookipa Pharma Inc opting against making a bid for the company.

Shares in the London-based clinical stage biopharmaceutical firm fell 22% to 3.75 pence each in London on Friday morning.

In a brief statement late Thursday, Hookipa Pharma, a Nasdaq-listed biopharmaceutical company with a USD21.8 million market capitalisation, said "it does not intend to make an offer for Poolbeg".

"Non-binding" and "non-exclusive" talks between the two firms were announced in early January.

Under the proposed terms announced in January, shareholders in Poolbeg would have received 0.03 of a Hookipa share for each Poolbeg share.

Poolbeg Executive Chair Cathal Friel said Friday: "We were surprised and disappointed to hear of Hookipa's decision to withdraw from the combination discussions. Throughout this process, we have seen strong interest in the potential of POLB 001 and we continue to be focused on maximising the potential of our in-house programmes and exploring new opportunities to generate value for our shareholders."

By Jeremy Cutler, Alliance News reporter

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