9th Jun 2015 08:29
LONDON (Alliance News) - Circassia Pharmaceuticals PLC Tuesday said about 62.67% of the shares available in its open offer and placing were taken up in the open offer portion of the fundraising, with the rest placed.
The biopharmaceutical company last month said it would issue 95.5 million new shares, or 50.4% of its existing share capital, through an open offer and placing at GBP2.8805 a share, to raise about GBP275 million.
It said Tuesday that it received valid acceptances under the open offer for 59.8 million shares, and the remaining 35.6 million were taken up in the placing. It will have 284.9 million shares in issue once the new shares are admitted for trading in Thursday.
The money it raises will help fund the GBP239 million acquisition of two companies that it announced last month.
It is buying Sweden-listed Aerocrine, which is developing and commercialising a medical diagnostic product for use in the diagnosis and management of patients with asthma, for GBP139 million in cash, and Prosonix, a privately-held speciality pharmaceutical company that's developing product candidates for the treatment of asthma and chronic obstructive pulmonary disease for up to GBP100 million in cash.
Circassia Pharma shares were up 1.0% at 285.25 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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