June 2, 2020 / 5:46 AM / a month ago

BRIEF-Cosmo Pharmaceuticals Increases Its Stake In Acacia Pharma To 18.53%

COSMO PHARMACEUTICALS:

* SAID ON MONDAY, COSMO PHARMACEUTICALS INCREASES ITS STAKE IN ACACIA PHARMA TO 18.53%

* EUR 10 MLN LOAN FACILITY PROVIDED BY COSMO TO ACACIA IN JANUARY 2020, WHICH WAS AVAILABLE FOR DRAWDOWN BY ACACIA IN FEBRUARY 2020, IS TERMINATED​

* LOAN WAS ‍REPLACED WITH EUR 10 MLN EQUITY INVESTMENT AT A PRICE OF EUR 3.112 PER SHARE WHICH REPRESENTS 4.1% PREMIUM TO ACACIA PHARMA CLOSING SHARE PRICE ON 29 MAY 2020

* 3,213,769 ACACIA ORDINARY SHARES TO BE ISSUED TO COSMO

* A FURTHER 367,893 SHARES ARE BEING ISSUED TO COSMO (AT AN EQUITY SUBSCRIPTION PRICE OF EUR2.99 PER SHARE) IN SATISFACTION OF A EUR 1,100,000 BREAK FEE PAYABLE UNDER TERMS OF LOAN AMENDMENT

* EUR 25 MLN LOAN FACILITY WHICH WILL BE MADE AVAILABLE BY COSMO TO ACACIA ON APPROVAL OF BYFAVO(TM) HAS NOT BEEN AFFECTED BY THIS TRANSACTION

* ‍FOLLOWING TRANSACTION, COSMO WILL BE HOLDING 12,576,329 ACACIA ORDINARY SHARES ACQUIRED AT AN AVERAGE COST OF EUR 2.47 PER SHARE​​

Source text for Eikon:

Further company coverage: (Gdansk Newsroom)

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