Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Enzon Mulls Sale Of Assets, Co. - Update

12/17/2012 11:52 AM ET

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
New home sales in the U.S. unexpectedly showed a substantial decrease in the month of March, according to a report released by the Commerce Department on Wednesday, with sales falling to their lowest level in eight months. The report said new home sales plunged 14.5 percent to an annual rate of 384,000 in March from the revised February rate of 449,000. Euro area's government deficit shrunk last year to match the EU target, while public debt rose and remained above the official ceiling, figures from the Eurostat showed Wednesday. The shrunken government deficits suggest that euro area might be leaving behind the worst troubles of the financial crisis,... Following the strong upward move seen over the past few sessions, stocks may give back some ground in early trading on Wednesday. The major index futures are currently pointing to a modestly lower open for the markets, with the Dow futures down by 6 points.
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.