Enzon Pharmaceuticals Considers Sale of Assets, Company

New Jersey-based biotech Enzon Pharmaceuticals (UNKNOWN: ENZN.DL  )  will review the possible sale of parts of the company, or the entire company, the company announced in a press release Monday. The Board of Directors has retained financial services firm Lazard (NYSE: LAZ  ) to serve as a financial advisor for the review.

The release said the review did not necessitate a sale, although the company will suspend early stage clinical trials that have been developing Enzon's prostate cancer program.

"Based on clinical data on the androgen receptor program, Enzon plans to suspend clinical development with a goal to conserve capital and maximize value returned to shareholders," the company said.

Enzon Chairman of the Board Alex Denner was quoted in the release as saying:"In addition to a strong balance sheet and royalty revenues, Enzon's drug candidates and technologies offer the potential for a variety of transactions."

Shares of Enzon rose nearly 3% by the end of Monday's trading session, although the stock has fallen more than 30% year-to-date. Click here to watch a video in which Motley Fool health care analyst Dave Williamson talks about Enzon's announcement.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2159573, ~/Articles/ArticleHandler.aspx, 10/21/2016 10:13:46 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 57 minutes ago Sponsored by:
DOW 18,145.71 -16.64 -0.09%
S&P 500 2,141.16 -0.18 -0.01%
NASD 5,257.40 15.57 0.30%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

8/10/2016 3:59 PM
ENZN.DL $0.40 Down +0.00 -1.00%
Enzon Pharmaceutic… CAPS Rating: ***
LAZ $36.03 Up +0.58 +1.64%
LAZARD CAPS Rating: ***