BRIEF-Sinclair Pharma makes $117 mln buy; proposes placing of 62.5 mln shares

April 15 Tue Apr 15, 2014 11:32am EDT

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April 15 (Reuters) - Sinclair IS Pharma Plc -

* Acquisition and placing

* Proposed placing of 62,500,000 new ordinary shares

* Acquisition agreement to purchase entire issued share capital of Silhouette for a total cash consideration of around $117million (£70.1 million) plus royalties

* Upfront payment of us$24 million (£14.4 million) is payable on completion, and balance of consideration of us$93 million (£55.7 million) relates to milestones and royalty buy back

* Slightly earnings accretive in FY 2015 and strongly accretive thereafter

* Placing is being effected by Peel Hunt, acting as co's nominated adviser and broker, on, and subject to, terms of placing agreement

* Has also entered into an amended facility agreement with Hayfin who will provide a facility of us$16.5 million (£9.9 million) gross in relation to acquisition

* Agreed to raise £19.5 million, by issue and allotment by company of ordinary shares at placing price of 32p being a 5.3 percent premium to closing share price on 14 April 2014 Source text for Eikon: Further company coverage:

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