Amryt Pharma raising $40m for working capital, acquisitions

(Sharecast News) - Commercial-stage biopharmaceutical company Amryt Pharma has entered into agreements to raise $40m, it announced on Tuesday, to fund working capital as well as potential acquisitions and licence deals.
The AIM-traded firm said it had entered into securities purchase agreements with a number of institutional accredited investors for the private placement of 3.2 million American depositary shares (ADS), each representing five ordinary shares, at a purchase price of $12.50 each.

It said the private placement included a mix of new and existing investors, including Stonepine Capital, Aquilo Capital Management, Amati Global Investors, Athyrium Capital Management and Highbridge Capital Management, among others.

"Proceeds from the private placement will be used for working capital and general corporate purposes, as well as to potentially acquire, in-license or invest in rare disease technologies, products, businesses or assets," the board said in its statement.

At 0902 GMT, shares in Amryt Pharma Holdings were down 3.06% at 190p.