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Mayne Pharma Group Ltd Announces Acquisition Of Kapanol And Related Assets In Australia From GlaxoSmithKline

Thursday, 13 Dec 2012 07:46pm EST 

Mayne Pharma Group Ltd announced that it has entered into a binding agreement to acquire Kapanol and related assets in Australia from GlaxoSmithKline (GSK). Under the terms of the agreement, Mayne Pharma will acquire the Kapanol trademark, marketing authorisations, product dossier, technical data and product inventory. The existing licence arrangement between Mayne Pharma and GSK will be amended so that Mayne Pharma acquires the rights to sell Kapanol in Australia. Consideration for the acquisition will be up to AUD 14.0 million, comprising, an upfront cash payment of AUD 10.125 million and up to AUD 0.5 million for inventory at completion of the acquisition on February 1, 2013 and AUD 3.375 million payable on February 1, 2014. The acquisition consideration (including the deferred component) will be funded from the proceeds of an AUD 18.0 million underwritten share placement to institutional and sophisticated investors (Offer). The Offer will be made at AUD 0.295 per share (Placement Price), representing: a 7.8% discount to the closing price on December 13, 2012; and a 8.5% discount to the 5-day VWAP. The Offer will result in the issue of approximately 61.0 million new ordinary shares (representing approximately 12.7% of Mayne Pharma's existing issued share capital). This be used for general purposes, including development, registration and marketing of product pipeline. The Offer is expected to occur on December 20, 2012 with quotation of the new shares on December 21, 2012. 

Company Quote

19.5 +1.39%
31 Oct 2014