Poolbeg Pharma says Gilead in favour of its combination with Hookipa

(Sharecast News) - Poolbeg Pharma updated the market on its potential combination with Hookipa Pharma on Friday, clarifying Gilead Sciences' role in the proposed concurrent fundraise. The AIM-traded firm said Gilead, which holds existing contractual obligations with Hookipa, had expressed its intention to participate in the fundraise with a contribution of up to $8.7495m.

Additionally, Gilead indicated it would align its vote with the Hookipa board's recommendation if a formal offer was made.

Discussions regarding the potential merger remained non-binding and non-exclusive.

Poolbeg warned that there was no certainty that a firm offer would materialise, or that a transaction would be completed.

At 1545 GMT, shares in Poolbeg Pharma were down 7.14% at 5.2p.

Reporting by Josh White for Sharecast.com.