Hookipa Pharma Cancels Planned Merger with Poolbeg Pharma

Hookipa Pharma, a US-based immunotherapeutics biotech, has decided not to proceed with its planned acquisition of UK-based Poolbeg Pharma15.

The merger plans were initially announced in early January 202515.

Hookipa's board of directors determined not to make a formal offer for Poolbeg under Rule 2.7 of the UK Takeover Code23.

The original proposal would have resulted in Poolbeg shareholders owning about 55% of the merged company, with Hookipa shareholders owning 45%1.

A concurrent $30 million private placement fundraise was planned to provide capital for the merged company's pipeline1.

Hookipa reserves the right to revisit the decision under certain circumstances, including agreement from Poolbeg's board or if a third party makes an offer23.

The termination follows a PUSU (Put Up or Shut Up) extension granted on January 30, 202525.

Poolbeg's Executive Chair expressed surprise and disappointment at Hookipa's decision to withdraw1.

The cancellation comes after a challenging 2024 for Hookipa, which included layoffs following Roche's exit from a collaboration1.

This development reflects broader industry dynamics where small-cap biotech companies face pressure to consider strategic combinations3.

Sources:

1. https://www.fiercebiotech.com/biotech/us-biotech-hookipa-retracts-merger-plans-uk-company

2. https://www.globenewswire.com/news-release/2025/02/20/3030028/0/en/HOOKIPA-Pharma-Inc-HOOKIPA-Statement-regarding-potential-combination-for-Poolbeg-Pharma-plc-Poolbeg.html

3. https://www.stocktitan.net/news/HOOK/hookipa-pharma-inc-hookipa-statement-regarding-potential-combination-sgu3xnrpvz0d.html

5. https://www.stocktitan.net/news/HOOK/hookipa-pharma-inc-hookipa-statement-regarding-potential-combination-05act4t4wfo4.html