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Trinity Delta view: Confirmation that the Redx-Jounce reverse merger will not take place clears the path for Redx to focus on pipeline delivery, with important data anticipated over the coming 12 months. While the business combination had strategic merit, providing additional funding and a NASDAQ-listing, we continue to believe that the Redx investment case remains intact. Therefore, following the formal lapse of the proposed business combination with Jounce Therapeutics, we reinstate our prior Redx valuation and forecasts. Full details on our methodology can be found in our January 2023 Update. Our Redx valuation is £461m (or $553m), equivalent to 138p per share.
Lighthouse
4 April 2023
Price | 32.7p |
Market Cap | £109.5m |
Primary exchange | AIM London |
Sector | Healthcare |
Company Code | REDX |
Corporate client | Yes |
Company description
Redx Pharma specialises in the discovery and development of small molecule therapeutics, with an emphasis on oncology and fibrotic diseases. It aims to initially progress them through proof-of-concept studies, before evaluating options for further development and value creation.
Analysts
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043
Philippa Gardner
pgardner@trinitydelta.org
+44 (0) 20 3637 5042
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