Enzon Completes Merger and Rebrands as Viskase Holdings

Enzon Pharmaceuticals ( (ENZND) ) has provided an announcement.

On March 26, 2026, Enzon Pharmaceuticals, Inc. completed an all-stock merger in which Viskase Companies, Inc. merged into a wholly owned subsidiary and subsequently converted into Viskase Companies, LLC, with the combined public parent renamed Viskase Holdings, Inc. As a result of the deal, former Enzon shareholders own about 45% of the combined company and former Viskase shareholders about 55%, with Enzon’s former preferred stock held by Icahn affiliates exchanged into 5,658,396 common shares ahead of closing.

The merger was accompanied by a reverse stock split and the company’s common stock began trading on a split-adjusted basis on the OTCQB under the temporary symbol ENZND for 20 trading days, reflecting a significant recapitalization and change in market identity. Governance shifted as Viskase’s chief executive Thomas D. Davis became CEO of the combined group, a new seven-member board led by chair Robert Flint was installed, and legacy Enzon directors and its special committee stepped down, consolidating control with the Viskase leadership and formalizing the transition away from Enzon’s historical pharmaceutical focus.

On the corporate structure side, the company filed amendments in Delaware to effect the name change to Viskase Holdings, Inc. and to eliminate the unused Series A-1 Junior Participating Preferred Stock, returning those shares to authorized but undesignated preferred status. The IEH share exchange and related issuance relied on private offering exemptions under U.S. securities law, highlighting the transaction’s capital structure implications for major stakeholders, including Icahn-affiliated holders and the new majority Viskase shareholder base.

More about Enzon Pharmaceuticals

Viskase Holdings, Inc., formerly Enzon Pharmaceuticals, Inc., is the publicly traded parent of Viskase Companies, LLC, a leading global producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat and poultry products. Viskase also provides value-added product support services to major global consumer products companies in the food sector.

Following the all-stock merger completed on March 26, 2026, the combined company is focused on advancing Viskase’s meat and poultry packaging business under the Viskase Holdings name and continues to have its common stock traded on the OTCQB market under a temporary ticker symbol.

Average Trading Volume: 826

Technical Sentiment Signal: Strong Sell

Current Market Cap: $299.1M

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