Enzon Pharmaceuticals Inc. (ENZN) 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%.
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