19th Apr 2016 08:52
LONDON (Alliance News) - Amryt Pharma PLC shares started trading in London on Tuesday following the reverse takeover of investment company Fastnet Equity PLC.
Fastnet agreed a deal in late March to reverse into Amryt, an orphan drug development company, in a deal worth GBP29.6 million to be covered by the issue of 123.5 million Fastnet shares.
Amryt had recently agreed to acquire German pharmaceutical firm Birken AG and Swiss biopharmaceutical company SomPharmaceuticals.
Birkin has developed a recently-approved drug for partial thickness wounds and has a promising drug on its books for epidermolysis bullosa. SomPharmaceuticals is focused on developing medicines for patients with rare neuroendocrine diseases, including acromegaly and Cushing's disease.
Following approval of the deal by Fastnet shareholders, Amryt started trading on AIM and on the Irish Stock Exchange's ESM market on Tuesday. Shares in the company were down 3.6% to 24.11 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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