York Pharma raises L3.9 million
UK Alternative Investment Market-listed dermatology specialistsYork Pharm says that it has raised L3.9 million ($7.8 million) by way of an institutional placing by FinnCap.
The proceeds will be used to co-fund the acquisition announced last month (Marketletter July 14) of the sales and worldwide commercial rights to two leading dermatological/wound care products, the silver sulfadiazine-based brands Flammazine and Flammacerium, from Belgium's Solvay Pharmaceuticals, in a deal which will cost the UK firm around $45.0 million, as well as to provide increased working capital for the enlarged group arising as a result of the acquisition. The placing has been completed and is no longer conditional on the completion of the acquisition.
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