MDY buys investments from 3i for GBP3M

UK life science investor MDY Healthcare has acquired stakes in Scottish drugmaker ProStrakan and Swiss firm Santhera Pharmaceuticals Holding AG  from the 3i Group for a total consideration of GBP3.0 million ($4.3  million).

MDY has agreed to buy over 2.4 million ordinary shares in ProStrakan, at  a price of 61.5 pence each, and over 49,362 common shares in Santhera  for 49.65 francs each. The prices paid are the respective bid prices per  share at the close of business on March 19. These stakes represent 1.21%  of ProStrakan and 1.40% of Santhera.

Under the terms of the deal, 3i will receive, at any time on or before  June 30, GBP1.0 million in cash and over 1.6 million shares in MDY once  the transaction is completed, as well as fixed-rate unsecured loan notes  worth just under GBP1.6 million. In return, 3i has also committed to  place GBP1.0 million as a cornerstone investor in MDY's new  international business subject, among other things, to the receipt of  the full GBP3.0 million value of the deal.