Redx Rises Out Of Administration With R&D Refocus
After a tough summer, the UK firm has exited insolvency with new management and programs in cancer and fibrosis, having decided to shut down its anti-infectives business.
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A few months after bringing AstraZeneca onboard as a partner, the turnaround at the Alderley Park-based firm is moving ahead, buoyed by a fresh financing.
Redx's takeover talks with a consortium led by controversial biotech veteran Sam Waksal, who was jailed for five years over his role in the ImClone stock scandal in 2003, have been terminated but the UK biotech has received a financial lifeline from Redmile and Sofinnova.
Shares in the UK biotech tripled to a 52-week high after it announced the sale of its pan-RAF inhibitor program to Jazz that could eventually be worth around $200m.