Thursday, December 17, 2009
Sinclair Pharma says London hedge fund group Lansdowne Partners raises stake to 14.6 pct company news image
Sinclair Pharma PLC (AIM: SPH) said it was notified this week that UK hedge fund manager Lansdowne Partners Ltd has increased its holding in the group from below 5 percent to 14.6 percent in the latest fundraising. It now controls 23,524,889 Sinclair Pharma shares.
Last week, the company announced all shares of the firm placing and open offer first announced in October have been placed with new and existing shareholders. The move raised £18.2 million before expenses, or approximately £16.0 million net, by the issue of 56,731,322 shares at 32 pence each.
The fundraising was first announced in mid-October when the group said it was buying two major revenue-generating dermatology products from Belgian group Solvay Pharmaceuticals for €17.5 million, to be financed by a fundraising of up to £25 million.
A fortnight later, Sinclair said it had entered into new debt facilities over £9 million plus a £3 million facility to replace Sinclair's existing facility, which meant the equity fundraising could be scaled back to around £18 million.
The company bought the sales and worldwide commercial rights for Flammazine and Flammacerium, with completion of the deal imminent. Both products are topical creams for the prevention and treatment of infections in burn wounds.
