Enzon and Viskase Enter into Merger Agreement
Deal News | Jun 21, 2025 | Globenewswire
Enzon Pharmaceuticals, Inc. and Viskase Companies, Inc. have agreed to merge, with Viskase continuing as a wholly owned subsidiary of Enzon in an all-stock transaction. The merged entity will operate as Viskase Holdings Inc. and trade on the OTCQX tier of the OTC market. Viskase's CEO, Timothy P. Feast, will lead the combined company. The merger involves the conversion of Viskase's common stock into Enzon stock and adjustments based on Enzon's cash and stock exchange specifics. Icahn Enterprises Holdings plays a significant role due to its Series C Preferred Stock in Enzon. Approvals from both companies' shareholders and regulatory nods are pending to finalize the merger. The merger leverages Viskase’s global manufacturing capabilities in processed meat casings, aiming to enhance their market presence worldwide.
Sectors
- Pharmaceuticals
- Food Processing and Packaging
- Mergers and Acquisitions
Geography
- United States – Both Enzon Pharmaceuticals and Viskase Companies are based in the United States, with their operations expanding globally.
- Global – Viskase operates manufacturing facilities across North America, Europe, South America, and Asia, offering products in nearly 100 countries.
Industry
- Pharmaceuticals – Enzon Pharmaceuticals operates within the pharmaceutical industry as an acquisition vehicle.
- Food Processing and Packaging – Viskase Companies is involved in manufacturing non-edible casings for processed meat products, falling under the food processing and packaging sector.
- Mergers and Acquisitions – The article is focused on the merger agreement between Enzon Pharmaceuticals and Viskase Companies.
Financials
- – The financial specifics of the transaction include exchange ratios and stock conversion details but do not state an explicit transaction value.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Enzon Pharmaceuticals, Inc. | Acquiring Company | Companies | Enzon serves as a public company acquisition vehicle, seeking to develop into an acquisition platform. |
| Viskase Companies, Inc. | Target Company | Companies | Viskase is a producer of non-edible casings for processed meat products, with global operations in packaging. |
| Icahn Enterprises Holdings L.P. | Major Shareholder | Companies | Icahn Enterprises holds Series C Preferred Stock in Enzon and influences the merger through stock conversion agreements. |
| Timothy P. Feast | Future CEO of Viskase Holdings, Inc. | People | Currently the CEO of Viskase, he will lead the newly combined company. |