Investment companies Redmile Group and Sofinnova completed the acquisition of a 39.5% stake in Redx Pharma, a drug discovery and development company, for $37.5m. "Redx, with its deep expertise in medicinal chemistry, has a proven track record of designing high quality, commercially attractive molecules that have the potential to be effective drugs to treat significant unmet medical conditions. As previously announced, the Board has been seeking to secure long-term finance for Redx. We believe that this cash offer represents an optimal outcome for shareholders, while securing Redx’s ability to fund its differentiated and exciting research and early development pipeline," Iain Ross, Redx Chairman.