Redx Pharma PLC on Monday noted that Jounce Therapeutics Inc, which it was close to buying, was bought by Concentra Biosciences LLC for a higher price.

Redx Pharma shares fell 9.2% to 32.25 pence each on Monday afternoon in London.

Redx Pharma, a Cheshire-based cancer and fibrosis drug developer, two weeks ago offered to buy Massachusetts, US-based clinical-stage immunotherapy company Jounce Therapeutics for $1.80 per share plus contingent value rights. The merger would have lead to a $425 million company focused on the treatment of cancer and fibrotic diseases.

On Monday, Jounce announced that its board withdrew its recommendation it had posted in February for Redx Pharma’s offer, and entered into a definitive merger agreement with Concentra after it offered to pay $1.85 per share upfront plus contingent value rights.

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