1st Nov 2018 11:32
LONDON (Alliance News) - BioPharma Credit PLC on Thursday said it raised USD305 million after its proposed placing exceeded its upgraded issue size.
The pharmaceutical focused investment company will issue 297.6 million shares at USD1.025 each. Shares were trading down 1.9% at USD1.03 each in morning trade.
Chief Executive Officer Pedro Gonzalez de Cosio said: "The global life sciences industry has significant funding needs and the company is pleased to offer innovative financing alternatives that help the sector grow whilst improving the lives of patients."
"We are keen to continue to grow and diversify the portfolio, delivering consistent, robust shareholder returns primarily through uncorrelated recurring income distributions."
The company said it will use the net proceeds from the fundraise to acquire further investments in accordance with the its investment policy.
Admission of the shares to trading is expected on Monday, following which the company will have 1.37 billion shares in its capital.
When it was first announced, earlier in October, the placing was targeting USD150 million. The company was going to issue 146.3 million shares at USD1.025 per share, representing a 2.9% premium to its net asset value per share at September 30 of USD1.0141.
Last week, the company increased the size of its proposed placing to "at least" USD200 million due to strong investor demand.
Related Shares:
Biopharma Cred.