Redx drug programme sale will lift it out of administration
The administrators of drug discovery company Redx Pharma have agreed to sell one of its development programmes to a US-based biotechnology company for £30.5m.
The sale will allow for all creditors to be paid and provide enough working capital to return the business to solvency.
Joint administrators Jason Baker and Miles Needham of FRP Advisory will sell certain patents, intellectual property, contracts for product manufacture, and physical materials relating to Redx's BTK inhibitor drug development program to NASDAQ-quoted Loxo... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
