(Alliance News) - SalvaRx Group PLC on Friday said it is in advanced discussions with an acquisition target regarding a reverse takeover, but its prospects to finish the deal before mid-January are dim.
The AIM-listed pharmaceutical company does not expect to close the deal before its shares are delisted from the London on January 10.
SalvaRx said it is in discussions with a leader in the field of oral immune therapies and that it will make a further announcement next year should the acquisition proceed.
Following a divestment in August 2018, the company was classified as a cash shell.
The group's shares were suspended under AIM rules in July after it failed to make an acquisition. Under AIM rules, if a reverse takeover or a readmission to trading on the stock exchange as an investment company isn't made within six months of the suspension, SalvaRx's ordinary shares will be canceled, the company said.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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