PARIS Mayroy, the biggest shareholder in French pharmaceutical company Ipsen (IPN.PA), announced on Wednesday the sale of a 7 percent stake in Ipsen via private placement, bringing its stake down to 57.6 percent.
The price was set at 29.50 euros ($41.03) per share, putting the value of the 5.89 million shares sold at around 173.8 million euros. Ipsen's closing market price on Wednesday was 32 euros per share.
Luxembourg-based holding company Mayroy said it would use the proceeds of the sale to buy back some of its own shares held by another holding company, Opera Finance Europe.
Mayroy said Ipsen would take part in the placement and purchase 842,000 shares for cancellation.
Societe Generale is acting as the sole bookrunner.
($1 = 0.7189 Euros)
(Reporting by Lionel Laurent and Blaise Robinson; Editing by Andrew Callus and Robin Pomeroy)