shares in redx pharma plc rose in early trading thursday after it said it and jounce therapeutics inc have agreed to merge and that their highest priority will be the development of rxc007 its lung disease drug candidate shares at 0830 gmt were flat at 5000 pence after rising 13 to 5650 pence earlier in the session the londonlisted clinicalstage biotechnology company said that at the time of completionexpected in the second quarter of 2023jounce is expected to have around 130 million of cash and cash equivalents available to the combined group it added that together with redxs expected cash at completion this would provide the combined group with a cash runway into the second half of 2025 the company said its fully diluted market capitalization of 244 million pounds 2939 million and jounces expected cash at the time of completion implies a market value for the combined group of 425 million the company said that under the terms of the business combination redx shareholders will be entitled to receive 02105 jounce shares in exchange for each redx share redx shareholders are expected to own approximately 63 and jounce shareholders approximately 37 of the share capital of the combined group it said