Renovo surges 32% on takeover talks
Shares in Renovo shot up as much as 32% on April 6, after the UK scar-reduction drug developer said it was in early-stage takeover talks.
Traders believe that the offer was at a level of 36 pence per share. The London-listed company last month reported mixed mid-stage trial data on Juvidex (mannose 6-phosphate), a topical treatment for the acceleration of healing of split thickness skin graft donor sites, targeted for the large cosmetic skin peel market. The trial missed its primary endpoint but did meet a number of secondary endpoints.
Renovo's lead product is Juvista (human TGFb3), for the reduction of scarring in skin. The first European Phase III trial of the agent is due to report in first-half 2011. Two years ago (Marketletter June 25, 2007), UK drugmaker Shire licensed the rights to the agent. Shire paid $75.0 million cash upfront and made an equity investment in the firm of $50.0 million, at a subscription price of GBP2 per share, representing 7% of Renovo's share capital.
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