(Alliance News) - The UK Panel on Takeovers & Mergers has agreed to extend the takeover deadline on Waksal and associates' bid for Redx Pharma PLC, it was announced on Tuesday.
At the end of December, Redx - a drug discovery firm focusing on fibrosis and cancer - said it was in discussions with Samuel Waksal, the founder of ImClone Systems Inc and Kadmon Pharmaceuticals Inc, about a possible cash takeover offer.
Waksal and his associates were required under the takeovers and mergers code to announce their firm intention to make an offer or not make an offer by 1700 GMT on Tuesday this week. However, this deadline has now been extended to February 14 "to enable the parties to conclude their ongoing discussions.".
By the new deadline, "the bidder must either announce a firm intention to make an offer for Redx or announce that it does not intend to make an offer", Redx explained. However, this deadline can also be extended with panel consent.
Shares in Redx were down 2.1% at 7.59 pence in London on Tuesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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Redx Pharma (REDX)