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Article: NPS Pharmaceuticals Pulls Out of Deal to Merge with Biotech Firm Enzon.

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Knight Ridder/Tribune Business News
Article date:
June 6, 2003
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By Bob Mims, The Salt Lake Tribune Knight Ridder/Tribune Business News

Jun. 6--Just weeks away from a final shareholders vote, NPS Pharmaceuticals Inc. has pulled out of its controversial $1.6 billion merger with an unexpectedly struggling Enzon Pharmaceuticals.

Wall Street resoundingly praised the decision to abort the marriage. NPS shares soared 22 percent in trading Thursday on the Nasdaq Stock Market to $28.96, a $5.21 bump, while Enzon stock tumbled 70 cents, or 5 percent, to $14.30 per share.

The merger termination was "terrific news for NPS," said Adam Walsh, an analyst with Jefferies & Co.

"The strategic rationale behind ...

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