By Stephen Nakrosis
Vincerx Pharma has terminated a reverse merger agreement with Oqory and its parent company Vivasor.
The company said Friday it terminated an approved term sheet signed as part of deal after Oqory ended an exclusivity provision. Vincerx said it will explore strategic options.
The agreement would have seen Oqory merge with Vincerx, resulting in a combined company 95% owned by Oroqy equity holders. The deal would also have seen Oqory-designated investors provide $1.5 million of interim financing to Vincerx.
The company said it will review strategic alternatives, including out-licensing, merger and acquisition opportunities, and winding down operations, among other options. Vincerx said it had about $3.9 million in cash as of Feb. 26, and expects to have enough cash to operate late into the second quarter of this year.
Shares of Vincerx closed the market session down 13% at $1.09. The stock plunged 98% in the past year.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 28, 2025 16:55 ET (21:55 GMT)
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