logo
Share SHARE
FONT-SIZE Plus   Neg

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%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Deutsche Bank (DB) on Sunday reported an about 50 percent decline in first-quarter profit, despite clocking double-digit revenue growth, as the German lender recorded hefty legal charges over allegations of rate-rigging. Casino operator Wynn Resorts said its shareholders ousted Elaine Wynn from the board, reflecting fears that her presence may lead to disharmony with the management. To commemorate the launch of Hubble telescope twenty-five year ago, NASA unveiled celestial fireworks as official image, marked by brilliant tapestry of young stars flaring to life.
comments powered by Disqus
Follow RTT