Galen To Float At 150 Pence Per Share
The Northern Ireland-based pharmaceutical company Galen has announcedthat the placing price for its flotation is 150 pence ($2.53), which values the firm at around L181.9 million ($307.5 million). Dealings were expected to begin on July 10.
The firm hopes to raise L45.5 million, L30 million of which will be in new money. The funds raised will be used to finance the expansion of the firm's drug services business, investment in facilities in the USA and Northern Ireland, and clinical trials of an intravaginal ring that is a hormone replacement therapy.
In the first half of the year, Galen achieved pretax profits of L5.4 million, according to the firm's broker Hoare Govett. Galen's placing is being underwritten by Baring Brothers.
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