1st Aug 2022 15:29
Arecor Therapeutics PLC - Essex, England-based biopharmaceutical company - Agrees to acquire commercial stage pharmaceutical firm Tetris Pharma Ltd, which is expected to add a key commercial diabetes product to Arecor's portfolio.
Arecor will fund the acquisition through an initial issue of 651,726 shares, as well as discharge certain existing liabilities with an aggregate value of GBP2.0 million. There is also a deferred consideration of up to GBP4.0 million in aggregate through three earn out payments on the first, second and third anniversaries of completion.
Arecor has raised GBP6.0 million through a placing of 2.0 million shares at a price of 300 pence each, which will go towards supporting the Tetris acquisition, and accelerate the rollout of Ogluo across the UK and Europe.
"The board of Arecor believe that the acquisition of Tetris Pharma is a compelling opportunity to accelerate Arecor's commercially-driven strategy alongside our core diabetes and partnered products businesses. We will gain an existing, revenue-generating, sales, marketing and distribution platform which we believe is highly complementary to our existing specialty hospitals products business and has significant growth potential," says Chief Executive Officer Sarah Howell.
"The lead product, Ogluo, meets a key patient need for people living with diabetes at risk of severe hypoglycaemia, which is a therapeutic area that we understand well, giving us confidence in its prospects and our ability to deliver," Howell added.
Current stock price: 319.00 pence
12-month change: up 39%
By Dayo Laniyan; [email protected]
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