Business
Conditional Acquisition of Open Orphan DAC
Conditional Acquisition of Open Orphan DAC.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 5908Y Venn Life Sciences Holdings PLC 10 May 2019 \n\n10 May 2019\nVenn Life Sciences Holdings Plc\n(\"Venn\", \"Venn Life Sciences\" or the \"Company\")\nConditional Acquisition of Open Orphan DAC (\"Open Orphan\")\nSuspension of Trading\nBoard Changes\nProposed fundraising\nVenn Life Sciences, an Integrated Drug Development Partner offering a combination of drug development expertise and clinical trial design and management to pharmaceutical, biotechnology and medical device organisations, has conditionally agreed to acquire the entire issued and to be issued share capital of Open Orphan for an aggregate consideration of approximately £5.7 million, to be satisfied by the allotment and issue of new ordinary shares of 0.1 pence each in the capital of the Company (\"New Ordinary Shares\") (the \"Acquisition\"). Under the terms of the Acquisition, New Ordinary Shares are expected to be issued to existing Open Orphan shareholders with reference to a relative value of Venn of approximately £4.0 million. The Acquisition remains conditional on, inter alia, the approval by Venn's shareholders.\nHighlights\n· The Company and its group as enlarged by the Acquisition (\"Enlarged Group\") will target the fragmented orphan drug services market in Europe\n· The orphan drug sector is one of the fastest growing sectors in the global pharmaceutical industry and over 50% of all new US Food and Drug Administration (\"FDA\") approved drugs coming to market are for rare/orphan conditions\n· The Open Orphan strategy is to build upon its existing capability and expertise within orphan drugs to become a full-service consultancy for orphan and other speciality healthcare products\n· Open Orphan has identified an extensive pipeline of target acquisitions primarily in the regulatory approval, reimbursement and product launch areas where the Directors perceive that companies need the most help navigating the complex European market\n· The Directors intend to undertake an equity fundraise to new and existing investors\n· Cathal Friel, non-executive chairman of Venn, becomes CEO with immediate effect and following satisfaction of all outstanding conditions and re-admission of the Company's en...