Infinity Pharmaceuticals Inc. (NASDAQ:INFI) shares are trading lower by 40.3% to $0.13 Monday morning after it terminated its previously announced merger agreement with MEI Pharma.
What Happened?
Infinity Pharmaceuticals terminated its merger agreement with MEI Pharma after MEI failed to obtain stockholder approval for the merger. Infinity’s board of directors will explore strategic alternatives for its eganelisib drug, including engaging strategic advisors for potential value realization.
MEI may be required to reimburse Infinity for certain expenses and fees of $1 million in accordance with the terms of the merger agreement.
An additional $4 million termination fee from MEI remains a possibility under specified circumstances outlined in the joint proxy statement/prospectus relating to the merger.
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According to data from Benzinga Pro, INFI has a 52-week high of $1.76 and a 52-week low of $0.12.
