Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Enzon Mulls Sale Of Assets, Co. - Update

Enzon Pharmaceuticals Inc. (ENZN: Quote) said Monday it is considering a possible sale of some or all of its assets and has retained Lazard as financial advisor in this regard.

Additionally, the company in a statement said, "Based on clinical data on the androgen receptor program, Enzon plans to suspend clinical development with a goal to conserve capital and maximize value returned to shareholders."

Shares of the company gained over five percent in morning trade on the Nasdaq.

Enzon's decision to sell its assets comes after an activist investor expressed interest to hold discussions with the company that develops drugs to treat cancer. Icahn holds a 13.3 percent stake in Enzon.

In a statement, Enzon Chairman Alex Denner said the strategic review will be in the best interest of shareholders. He also said Enzon's drug candidates offer the potential for a variety of transactions that would supplement the royalty revenues the company earns.

Shares of Enzon are trading at $4.82, up 5.47%.

Click here to receive FREE breaking news email alerts for Enzon Pharmaceuticals Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Toyota Motor Corp. (TM, TYT.L) Thursday announced 1.1 percent decline in worldwide production for October, as there was a sharp decline in production of passenger cars in Japan. Production outside Japan improved 2.3 percent. In a separate announcement, the Japanese automaker said it will recall more... Computer and printer maker Hewlett-Packard Co. said Tuesday after the markets closed that its fourth quarter profit fell 6% from last year, as revenue declined 2%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. This organic and natural products company has experienced strong compounded annual growth over the last four fiscal years with its net sales growing 25% and adjusted income from continuing operations over 30%.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.