Business
Completion of Merger with hVIVO and Re-Admission
Completion of Merger with hVIVO and Re-Admission.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 2418A Open Orphan PLC 20 January 2020 \n\n20 January 2020\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.\n \nOpen Orphan plc\n(\"Open Orphan\" or the \"Company\")\nCompletion of Merger with hVIVO (\"Merger\") and Re-Admission\nOpen Orphan plc (ORPH), a rapidly growing specialist pharmaceutical services company which has a focus on orphan drugs, is pleased to announce that admission to trading on AIM and Euronext Growth of its existing ordinary share capital and the new ordinary shares to be issued as consideration in connection with the Merger, will commence at 8.00 a.m. today.\nHighlights:\n· Completion of merger between Open Orphan and hVIVO creating a European full pharma services company in a compelling strategic combination\n· Enhanced management and Board with a strong operational track record and M&A experience \no Cathal Friel, moving to Executive Chairman with a full-time hands-on role in the business\no Trevor Phillips and Tim Sharpington becoming CEO and COO, respectively, of the enlarged group\no New board with the appointment of Michael Meade as an additional non-executive director, along with Brendan Buckley and Mark Warne as non-executive directors and Trevor Philips and Cathal Friel as executive directors \n· Combination creates a platform of highly specialised, complementary CRO service providers\n· Combined robust pipeline of over £100 million at January 2020. The Group is focused on building long term contracts with recurring revenues. Open Orphan has confirmed signed contracts of €10.5m as of January 2020 which is the highest in its history with an additional €4m at an advanced stage with clients under an existing MSA. Open Orphan is successfully moving Venn away from short-term contracts to long-term, 3-year contracts with recurring revenues e.g. IPSEN (Nov '19) and a German Tier One pharma company (Jan '20). hVIVO has a solid pipeline...