Infinity Pharmaceuticals (NASDAQ:INFI) terminated its merger agreement to merge with MEI Pharma (NASDAQ:MEIP).
At a special meeting of MEI stockholders on July 23, MEI did not obtain stockholder approval for the merger with Infinity, nor could MEI obtain approval to adjourn the special meeting.
MEI is the subject of an unsolicited public proposal to acquire MEI by certain activist stockholders who launched a public campaign to buy MEI at a significant discount to its cash on hand.
Infinity has continued to prepare for a planned global Phase 2 clinical trial evaluating lead asset, eganelisib, in head and neck squamous cell carcinoma, and, following FDA feedback, the final protocol has been submitted to the FDA.
Based on the strength of the eganelisib data generated across several tumor types to date, Infinity’s board continues to believe in the value of eganelisib and will explore strategic alternatives intended to realize its potential value.
Infinity’s board believes that eganelisib offers a near-term value creation opportunity and would be attractive to potential acquirers. The board intends to engage one or more strategic advisors to assist in the process.
In order to conserve resources and preserve value for stockholders during this process, the board and management expect to undertake a series of cost saving measures.
