MEI Pharma and Infinity announce merger
USA-based oncology specialist MEI Pharma (Nasdaq: MEIP) and Infinity Pharmaceuticals (Nasdaq: INFI) both saw their shares plunge in pre-market trading on Thursday (5% and 30%, respectively) after they revealed a definitive merger agreement.
This will be in the form of an all-stock transaction creating a company combining the expertise and resources of MEI and Infinity to advance a robust pipeline of three clinical-stage oncology drug candidates.
The shares continued to fall on Friday, with MEI Pharma closing the day down 14.9% at $0.20 and Infinity 13.3% lower at $0.24.
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