• Most Popular
  • Most Shared

UPDATE 1-Enzon to explore possible sale of unit

Mon Aug 11, 2008 9:44am EDT

Stocks

   

(Recasts; adds details, stock movement)

Aug 11 (Reuters) - Enzon Pharmaceuticals Inc (ENZN.O) said it would explore strategic options for its specialty pharmaceuticals business, including a possible sale of the business, and its shares rose as much as 4 percent.

The biopharmaceutical company said the options also include the sale of one or more of its marketed products -- Oncaspar, DepoCyt, Abelcet and Adagen -- and the sale of its manufacturing facility in Indianapolis, Indiana.

Enzon, which was advised by billionaire investor Carl Icahn to review strategic transactions in March, said it has received preliminary indications of interest for the purchase of all or a portion of its specialty pharmaceutical business. The company said it would also continue with the process of spinning off its biotechnology business. Last month, it filed with the U.S. Securities and Exchange Commission for the spin-off.

Shares of the company were trading at $9.10 in the morning on Nasdaq. They touched a high of $9.17 earlier. (Reporting by Esha Dey in Bangalore; Editing by Himani Sarkar)



More from Reuters

Photo

RIM profit, outlook top forecasts; shares surge

OTTAWA (Reuters) - Research In Motion posted a big jump in profit and issued an even stronger outlook on Thursday, as sturdy demand from holiday shoppers helped the BlackBerry maker fend off the competition.

» More Top News
Pedestrians are reflected in a Citigroup window in Boston, Massachusetts. REUTERS/Brian Snyder

Citi's next challenge

Citigroup's plan to extract itself from the government's clutches didn't go as planned. For the bank to succeed, one of two things need to happen.  Full Article 

ECONOMY
Aerospace Industries Association President and CEO Marion Blakey makes remarks during the Reuters Aerospace and Defense Summit, December 16, 2009 in Washington.REUTERS/Mike Theiler

"We're not asking for a bailout"

If the U.S. is serious about creating jobs it should invest in aviation programs, says the chief of the Aerospace Industries Association. Just don't call it a bailout.  Full Article 

AEROSPACE & DEFENSE SUMMIT