LONDON (Alliance News) - Fastnet Equity PLC on Friday said it is eyeing up opportunities in the healthcare industry, highlighting the biopharmaceutical sector as a particular area of focus.
The AIM-listed company, previously known as Fastnet Oil & Gas, reported a USD39.7 million pretax loss in the year ended March 31, compared with the USD2.6 million loss recorded in the prior year.
"The board believes that the healthcare industry, particularly the biopharma sector, is experiencing strong momentum and there exist significant M&A and value creation opportunities for both small cap and large cap companies. Furthermore, the board believes that it has access to an international pipeline of such opportunities that could lead to value creation for Fastnet's shareholders," Non-Executive Chairman Cathal Friel said in a statement.
"Our near-term focus includes a comprehensive search process to identify and secure board members with both the appropriate knowledge and expertise base to assess and make investments in the healthcare sector and value accretive deals. We look forward to updating shareholders in due course," Friel said.
Shares in Fastnet Equity were up 1.4% at 2.56 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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