Tiger Brokers

BUZZ-Infinity Pharma falls after termination of merger with MEI Pharma

Reuters
Jul 24, 2023

** Shares of Infinity Pharmaceuticals Inc fall ~43% to $0.12 premarket

** Co says it has terminated merger agreement with cancer therapy developer MEI Pharma Inc

** Says MEIP shareholders did not approve the merger with Infinity

** INFI says will explore strategic alternatives intended to realize the potential value of its lead drug candidate, eganelisib

** Eganelisib is being tested in a mid-stage study for a type of head and neck cancer -INFI

** INFI is entitled to reimbursement of certain expenses and fees of $1 mln from MEIP and also eligible to receive an additional $4 mln under the terms of the merger agreement - INFI

** Up to last close, INFI shares down ~60% this year

(Reporting by Mariam Sunny in Bengaluru)

((Mariam.ESunny@thomsonreuters.com;))

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