- Enzon Pharmaceuticals and Viskase Companies have amended their Merger Agreement, adjusting the exchange ratio such that **Viskase stockholders will own 55% of the combined company** following the Merger.  **[727510_fc9c8c0936fe4befacf37ab2d71c3f48_0]** 
- The amendment includes an Enzon **1 for 100 reverse stock split** prior to the Merger and a **reduction in the minimum cash Enzon is required to have** at closing.  **[727510_fc9c8c0936fe4befacf37ab2d71c3f48_0]** 
- The date by which either party may terminate the Merger Agreement if the Merger has not occurred has been **extended from December 31, 2025, to March 31, 2026**.  **[727510_fc9c8c0936fe4befacf37ab2d71c3f48_0]** 
- Icahn Enterprises Holdings L.P. (IEH) amended its Support Agreement, agreeing to approve the Merger and exchange its Series C Preferred Stock for Enzon Common Stock prior to the Merger.  **[727510_fc9c8c0936fe4befacf37ab2d71c3f48_1]**

Enzon and Viskase Announce Amendment to Merger Agreement

- Enzon Pharmaceuticals, Inc. and Viskase Companies, Inc. announced an **amendment to their merger agreement** on **October 24, 2025**, to reflect recent developments in Viskase's operations.  **[727510_0001104659-25-102127_tm2529311d1_ex99-1.htm:0]** **[727510_0001104659-25-102127_tm2529311d1_8k.htm:1]** 
- Under the amended terms, **Viskase stockholders will own 55%** and **Enzon stockholders 45%** of the combined company.  **[727510_0001104659-25-102127_tm2529311d1_ex99-1.htm:0]** **[727510_0001104659-25-102127_tm2529311d1_ex99-1.htm:1]** **[727510_0001104659-25-102127_tm2529311d1_8k.htm:2]** 
- Enzon will effect a **1-for-100 reverse stock split** with respect to all shares of Enzon Common Stock prior to the merger.  **[727510_0001104659-25-102127_tm2529311d1_ex99-1.htm:1]** **[727510_0001104659-25-102127_tm2529311d1_8k.htm:2]** 
- The date by which either party may terminate the merger agreement if the merger has not occurred has been extended from December 31, 2025, to **March 31, 2026**.  **[727510_0001104659-25-102127_tm2529311d1_ex99-1.htm:1]** **[727510_0001104659-25-102127_tm2529311d1_8k.htm:2]** 
- The minimum amount of cash Enzon is required to have at the closing of the Merger has been reduced to **$40,000,000**.  **[727510_0001104659-25-102127_tm2529311d1_ex99-1.htm:1]** **[727510_0001104659-25-102127_tm2529311d1_ex2-1.htm:3]**

ENZON PHARMACEUTICALS (ENZN)