Redx Pharma jumped 21% after it said it expects the merger between itself and Jounce Therapeutics (NASDAQ:JNCE) to complete in the second quarter of this year despite the Nasdaq-listed firm receiving an unsolicited takeover offer.
The AIM-quoted biotechnology company noted the announcement from Jounce last night which said it received an unsolicited and non-binding proposal from Concentra Biosciences.
The boards of Redx and Jounce on 23 February unanimously recommended a business combination of the two companies via an all-share merger transaction, according to a statement.
Jounce, a US-based clinical-stage company focused on novel cancer immunotherapies, said it received a US$1.80 per share offer in cash from Concentra.
Shares in Jounce at close of play yesterday were trading at US$1.06.