Windtree Therapeutics, based in Warrington, has hit another setback in its efforts to expand beyond drug development, canceling its acquisition of Titan Environmental Services, writes John George for the Philadelphia Business Journal.

Earlier this year, the company explored real estate and cryptocurrency opportunities, and most recently attempted to enter the waste-removal business.

Windtree has now stated that the two companies have mutually agreed to “go their separate ways.”

The company announced in June a proposal to acquire Michigan-based Titan for $36.75 million in stock and notes, along with plans to form a subsidiary to compete in the environmental services sector.

The deal included a breakup fee payable to Windtree if the merger was not finalized, and the company disclosed last week that it would receive $7.5 million in cash and securities from Titan.

The company now intends to advance its diversification strategy by focusing on other opportunities.

“We already have several companies where we are very close to [letters of intent] and we look forward to sharing more information on our progress in the very near future,” said Jed Latkin, who took over as the company’s CEO in December.

Read more about Windtree Therapeutics’ evolving diversification plans and what this latest setback means for its future in the Philadelphia Business Journal.

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