ENZON PHARMACEUTICALS (ENZN) Company Report

Analyst Coverage

Research analysts covering ENZON PHARMACEUTICALS.

Recent press releases and 8-K filings for ENZN.

Enzon Commences Exchange Offer for Series C Preferred Stock in Connection with Viskase Merger

ENZN

M&A

Takeover Bid

Enzon Pharmaceuticals, Inc. has commenced an exchange offer for its Series C Non-Convertible Redeemable Preferred Stock as part of its previously announced merger with Viskase Companies, Inc..
Holders of Series C Preferred Stock can exchange their shares for Enzon's common stock, with the exchange ratio based on the aggregate liquidation preference divided by $7.83 after a Reverse Stock Split.
The offer is scheduled to expire at one minute after 11:59 p.m., Eastern Time, on Friday, February 27, 2026, unless extended.
As of January 30, 2026, there are 40,000 shares of Series C Preferred Stock outstanding, which are not publicly traded.

7 days ago

Enzon and Viskase Announce Amendment to Merger Agreement

ENZN

M&A

Convertible Preferred Issuance

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.
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.
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.
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.

Oct 24, 2025, 8:50 PM

Enzon and Viskase Amend Merger Agreement, Adjusting Ownership and Extending Deadline

ENZN

M&A

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.
Under the amended terms, Viskase stockholders will own 55% and Enzon stockholders 45% of the combined company.
Enzon will effect a 1-for-100 reverse stock split with respect to all shares of Enzon Common Stock prior to the merger.
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.
The minimum amount of cash Enzon is required to have at the closing of the Merger has been reduced to $40,000,000.