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news.Swiss biopharmaceutical company Relief Therapeutics has confirmed the termination of discussions with the US-based clinical-stage biotechnology company Renexxion regarding a potential merger.
Relief’s RLF-TD011 is tailored for healing the wound in epidermolysis bullosa. Credit: Diana Polekhina on Unsplash.
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Despite a non-binding letter of intent signed in November last year, the companies have mutually decided to discontinue negotiations after failing to meet critical conditions within the set timeframe.
As per the November announcement, the companies had envisioned a merger and by the terms of the letter of intent, the transaction was structured as an equity combo, where Relief was to acquire Renexxion’s complete outstanding shares in return for Relief’s newly issued shares, which will be distributed to the shareholders of the US-based firm.
Relief Therapeutics board of directors chairman Dr Raghuram Selvaraju said: “While we ultimately decided not to proceed with Renexxion, Relief remains well-positioned to advance its strategic objectives independently. In recent months, we have made meaningful progress across our core development programmes and continue to build momentum.
“With a robust pipeline and around CHF 15 million in cash reserves, along with a CHF 50 million undrawn equity facility from our largest shareholder GEM, we are confident in our ability to execute our development strategy while continuing to explore opportunities to maximise shareholder value.”
A commercial-stage biopharmaceutical company, Relief is focused on specialty and rare diseases.
The Swiss company claims to possess revenue-generating products in its portfolio which are marketed via distribution and licencing collaborations.
Its pipeline also comprises risk-mitigated assets in rare metabolic disorders, and respiratory conditions, as well as in rare skin conditions.
Among its notable development programmes are the stabilised hypochlorous acid solution, RLF-TD011 which is tailored for controlling the infection and healing the wound in epidermolysis bullosa.
Sapropterin dihydrochloride’s ready-to-use liquid formulation, RLF-OD032, is aimed at improving treatment adherence in individuals with phenylketonuria.
Renexxion delivers innovative drugs to patients with a high unmet need in gastrointestinal disorders.
