Redx Raises Funds And Remains Independent
Yesod Bid 'Substantially Undervalued' UK Biotech
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.
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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.
After regulatory talks, revamped Redx gets green light to resume clinical study of RXC004 in patients with advanced solid tumors, while sister porcupine inhibitor RXC006 is set to enter IPF trials in 2020, the biotech's CEO tells Scrip.
CEO Lisa Anson has brought "a sense of urgency, focus and realism" to Redx since she took over five months ago, says its chairman, and the firm has high hopes for its investigational porcupine inhibitors.