By Sheri Kasprzak
New York, Oct. 14 - Evolutec Group plc said it has arranged a private placement for £10 million.
The offering includes a total of 6.25 million shares at 160p each. Evolutec will sell 1,575,625 shares of subsidiary VCT plc while the rest - 4,674,375 - will be common shares of Evolutec. The number of shares represents 26.5% of the company's enlarged common share capital.
The offering is expected to close Nov. 11.
Proceeds from the deal will be used to further develop Evolutec's pipeline of products.
Based in Reading, England, Evolutec is a biopharmaceutical company focused on developing treatments for allergies, inflammation and auto-immune diseases.
| Issuer: | Evolutec Group plc
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| Issue: | Stock
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| Amount: | £10 million
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| Shares: | 6.25 million
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| Price: | 160p
|
| Warrants: | No
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| Pricing date: | Oct. 14
|
| Settlement date: | Nov. 11
|
| Stock price: | 198p at close Oct. 13
|
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