On Tuesday, Erytech Pharma reaffirmed its confidence in its planned merger with Pherecydes, which will be put to a shareholder vote in June.

The biopharmaceutical company, which specializes in encapsulating drug substances inside red blood cells, reports that it had cash and cash equivalents of 30.5 million euros on March 31.

In a press release, the biotech estimates that this amount should enable it to finance its current activities and operating expenses until the second half of 2024.

Concerning its planned merger with Pherecydes - which aims to create a world leader in phage therapy to meet the enormous medical need caused by antibiotic resistance - Erytech believes that the process is "well on track" for closing in June.

In the interests of transparency, however, the company informs that it was recently contacted by a new shareholder, Akkadian Partners, who expressed opposition to the project, preferring alternative acquisition projects.

After examining them, the company decided that these alternative ideas were not in the best interests of the company and its shareholders.

On the Paris stock exchange, Erytech shares soared by over 35% on Tuesday morning following this news, posting the second biggest rise on the Paris market behind Theranexus (+52%).

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