By Sabela Ojea
Arecor Therapeutics PLC said Monday that it is proposing a discounted share placing of around 6 million pounds ($7.3 million) to fund the acquisition of the entire issued share capital of Tetris Pharma Ltd.
The London-listed biopharmaceutical company said that each share will be issued at a price of 300 pence a share, which represents a 3.2% discount to the company’s latest trading share price.
Arecor Therapeutics, which has entered into a conditional agreement to buy Tetris Pharma, said that it has agreed to acquire the company for an initial consideration consisting of 651,726 new Arecor shares for the Tetris Pharma sellers.
The company has also agreed to discharge certain existing liabilities of Tetris Pharma with an aggregate value of around GBP2.0 million, which include the inventory payment and certain other one-off liabilities, it added.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
Credit: www.marketwatch.com /