Poolbeg Pharma to merge with Austrian biotech company

Shares in Poolbeg, whose chairman is Irishman Cathal Friel, fell 40% on announcement of the deal, including 'all-share acquisition' by Hookipa

Shares in Poolbeg Pharma fell nearly 40% following the announcement on Thursday morning.

Austrian-based biotech company Hookipa has announced that it has entered into non-binding discussions to merge with biopharmaceutical firm Poolbeg Pharma, which is led by Irishman Cathal Friel.

Poolbeg Pharma is listed on the London Stock Exchange. Shares in the company plunged 40% following the announcement on Thursday morning. Despite being an Austrian-based firm, Hookipa is listed on the Nasdaq in the US.