On April 15, 2025 Mural Oncology plc (Nasdaq: MURA), a clinical-stage immuno-oncology company, reported that following review of data from its phase 2 ARTISTRY-6 trial in melanoma and previously announced results from the phase 3 ARTISTRY-7 trial in platinum-resistant ovarian cancer, the company is discontinuing all clinical development of nemvaleukin alfa and plans to immediately commence the exploration of strategic alternatives focused on maximizing shareholder value (Press release, Mural Oncology, APR 15, 2025, View Source [SID1234651944]). Mural has engaged Lucid Capital Markets, LLC to act as its financial advisor in connection with the exploration of strategic alternatives. The company had approximately $144.4 million of cash, cash equivalents, and marketable securities as of December 31, 2024. In conjunction with today’s announcement, Mural plans to reduce its workforce by approximately 90%.
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ARTISTRY-6, cohort 2 is a phase 2, single-arm trial evaluating nemvaleukin as a monotherapy in 92 patients with mucosal melanoma with a minimum follow-up of at least six months. A review of the topline data from this cohort showed that the primary endpoint was not achieved. Mural also conducted a review of preliminary data from ARTISTRY-6, cohort 3, evaluating less-frequent intravenous dosing of nemvaleukin in patients with cutaneous melanoma, and did not observe a level of activity that warranted continuation. Based on the totality of these data, together with the interim overall survival results from ARTISTRY-7 as announced on March 25, 2025, Mural will discontinue all clinical development of nemvaleukin.
Mural plans to explore potential strategic alternatives including, but not limited to, an offer for or other acquisition of the company, merger, business combination, or other transaction. While the company has not set a timetable for completion of this process, further updates and developments will be disclosed as appropriate or where necessary under regulatory requirements. There can be no assurance that the exploration of strategic alternatives will result in the company pursuing a transaction or that any acquisition or other transaction involving the company will be completed, nor as to the terms on which any acquisition or other transaction will occur, if at all.
The company confirms that, as at the date of this announcement, it is not in receipt of any approaches and not in active discussions with any potential offeror.
Irish Takeover Rules Considerations
Mural is subject to the Irish Takeover Panel Act, 1997, Irish Takeover Rules 2022 (the "Irish Takeover Rules"), which have certain implications on some of the strategic alternatives to be explored by the company. As the exploration of strategic alternatives is expected to include consideration of potential offers for the company, following the publication of this announcement Mural is now considered to be in an "offer period" as defined in the Irish Takeover Rules and the dealing disclosure requirements of Rule 8 of the Irish Takeover Rules as summarized below will apply.
The Irish Takeover Panel has granted a dispensation from the requirements of Rules 2.4(b) and 2.4(c) of the Irish Takeover Rules such that any potential offeror will not be required to be publicly identified as a result of this announcement for so long as the strategic evaluation is ongoing. Such parties should nonetheless be mindful of their obligations under the Irish Takeover Rules, including in particular with respect to confidentiality under Rule 2.1 and the circumstances in which an announcement may be required under Rule 2.2. If a potential offeror has any doubts about its obligations pursuant to the Irish Takeover Rules, it should contact its financial adviser(s) and, where applicable, it should also consult with the Irish Takeover Panel.
This is an announcement under Rule 2.4 of the Irish Takeover Rules and is not an announcement of a firm intention by any party to make an offer under Rule 2.7 of the Irish Takeover Rules.