Date: 2016-03-31
Type of information: Company acquisition
Acquired company: Amryt Pharmaceuticals (UK)
Acquiring company: Fastnet Equity (UK)
Amount: £29.6 million
Terms: * On March 31, 2016, Fastnet published an Admission Document detailing its conditional agreement to acquire the entire issued share capital of Amryt Pharmaceuticals for a consideration of £29.6 million to be satisfied by the issue of the Consideration Shares. The Company is also proposing to raise £10.0 million (before expenses) through a conditional placing of 41,673,402 New Ordinary Shares at the placing price of 24 pence per new Ordinary Share (equivalent to 3 pence per share before the Capital Reorganisation) and the issue of Placing Warrants on the basis of one Placing Warrant for every two Placing Shares subscribed. The acquisition constitutes a reverse takeover in accordance with Rule 14 of the AIM Rules for Companies and Rule 14 of the ESM Rules for Companies. Fastnet is seeking Shareholder approval for the Proposals at the General Meeting. Subject to approval of the Proposals, the Company will change its name to Amryt Pharma plc and begin trading under the new tickers “AMYT” (AIM) and “AYP” (ESM).
Details: Amryt Pharma was incorporated in August 2015 as a platform to acquire, build, develop and subsequently monetise a pipeline of patent protected, commercially attractive, proprietary drug candidates targeting best in class performance chosen to meet the Orphan Drug Designation criteria. Where appropriate, the Enlarged Group will commercialise the drugs it successfully develops through its own salesforce. In line with this strategy, Amryt has entered into agreements, conditional, inter alia, on admission to acquire both Birken AG and SomPharmaceuticals. Birken is a revenue generating pharmaceutical development and manufacturing company based in Germany. The company has developed Episalvan®, a potential treatment for the orphan condition epidermolysis bullosa, already approved in Europe as a treatment in adults for accelerated healing of partial thickness wounds following three successful phase III studies. Episalvan has been awarded Orphan Drug Designation in the US and EU for epidermolysis bullosa. The drug has successfully completed a Phase IIa study in ten epidermolysis bullosa patients (data from 12 wounds). The product demonstrated significantly faster healing over 14 days of treatment for recent wounds and 28 days of treatment for chronic wounds compared with standard of care therapy. The Company intends to seek approval for Episalvan in epidermolysis bullosain Europe and the US and will embark on a phase III study in H2 2016 in this indication. Som is a Swiss/US based biopharmaceutical company focused on developing novel somatostatin analogue peptide medicines for patients with rare neuroendocrine diseases with high unmet need, principally focused on additional orphan drug candidates to address acromegaly and Cushing’s disease.
Related: Rare diseases
