Alderley Park’s Redx is to merge with Massachusetts cancer specialist, Jounce Therapeutics.
The combined group will be led by Redx CEO Lisa Anson and be listed on the Nasdaq stock exchange as Redx Inc.
Redx is a clinical-stage biotech firm, focused on the discovery and development of novel, small molecule, targeted therapeutics for the treatment of cancer and fibrotic diseases.
Jounce Therapeutics meanwhile is a clinical-stage immunotherapy specialist, working to transform the treatment of cancer by developing therapies that enable the immune system to attack tumors and provide long-lasting benefits to patients through a biomarker approach.
“By combining Redx’s proven track record in small molecule drug discovery and development with Jounce’s expertise in biologics and immunotherapy, we will establish a world-class biotech company with a robust pipeline, aimed at developing therapeutics for cancer and fibrotic disease,” said Lisa Anson, Chief Executive Officer, Redx Pharma.
“While the majority of the combined group’s operations, and its headquarters, will be at Alderley Park in the UK, we believe that listing solely on Nasdaq is the most efficient way to enable us to access a deep pool of risk capital and engage with specialist global investors to support our future growth.”
The market value for the combined group is expected to be $425m.
“I am very proud of the work we have achieved at Jounce and today’s news is testament to the accomplishments of our team’s efforts,” added Richard Murray, Ph.D., Chief Executive Officer and President of Jounce Therapeutics.
“We are pleased that many of our employees will join the combined group and continue to focus on bringing much-needed alternatives to patients. Additionally, we are pleased that Redx will continue to advance certain of our early discovery programs. With a focus on cancer and fibrosis, and a strong scientific basis for discovery and development programs in those areas, we believe that the new company will be well positioned to succeed.”
Jounce had earlier announced plans to reduce its workforce by around 57% and it’s expected that following the merger 47 Jounce staff will be retained by the group. They’ll be based at a research and development facility in Massachusetts.