On 2 January 2025, HOOKIPA Pharma Inc. (Nasdaq: HOOK) and Poolbeg Pharma plc (LON:POLB) announced that they have entered into non-binding discussions for an all-share acquisition by HOOKIPA of Poolbeg (the “Possible Offer” and the “2.4 Announcement”, respectively) to create a strong clinical-stage biopharmaceutical company focused on developing and commercialising innovative medicines for critical unmet medical needs, with a special focus on next-generation immunotherapies for the treatment of cancer and other serious diseases. Since then, the respective HOOKIPA and Poolbeg management teams have been holding extensive positive discussions and working constructively through the due diligence process, which is ongoing. The 2.4 Announcement stated that, in accordance with Rule 2.6(a) of the Code, HOOKIPA is required, by not later than 5.00 p.m. (London time) on 30 January 2025, to do one of the following: (i) announce a firm intention to make an offer for Poolbeg in accordance with Rule 2.7 of the Code; or (ii) announce that it does not intend to make an offer for Poolbeg, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
In order to allow further time for the diligence exercise and discussions to be completed, the Board of Poolbeg has requested that the Panel extend the PUSU Deadline in accordance with Rule 2.6(c) of the Code.
