Redx Pharma set to be bought by US investment group
UK biotech firm Redx Pharma (AIM: REDX) has a new majority shareholder, investment group Redmile, after the USA-based company bought up nearly 40% of the company, bringing its total shareholding to over 45%.
Under takeover rules, Redmile must now make a cash offer for any remaining shares at the same price, of 15.5p ($0.20), valuing the company at around £29.45 million.
Redx said that it would recommend unanimously to shareholders that the offer be accepted.
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