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Sinclair plans IS Pharma merger

Mon, 14th Feb 2011 16:27

Sinclair Pharma is planning to merge with AIM-quoted IS Pharma. Discussions are well advanced and the proposed merger is on the basis of Sinclair offering 2.6868 of its shares for each IS Pharma share. That would leave Sinclair shareholders with 62.4% of the enlarged group with IS shareholders owning the rest. Based on the Friday closing share price of 39.5p for Sinclair, this values IS at 106p a share. There is no guarantee that this will be the final offer or that any offer will necessarily be made. There should be cross-selling opportunities from putting the two portfolios of treatments together. Sinclair boss Chris Spooner used to work in the City so it is no surprise that he is going the M&A route to expand the business. There is no mention of what the combined management team will look like but Spooner is certain to remain in charge.