Enlarged Amryt Pharma joins Aim after reverse takeover of Fastnet

Catherine Neilan
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Inside The London Stock Exchange
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Amryt Pharma, a specialty drugs company focusing on orphan diseases, is listing on the London Stock Exchange this morning after a reverse takeover of Fastnet Equity.

The group raised £10m through fundraising for the acquisition, and will appear under the ticker symbol AIM:AMYT. It is simultaneously listing on the Irish Stock Exchange as AYP.

On admission, the company will have 208,339,631 ordinary shares admitted to trading on Aim and Ireland's ESM.

The new funds are being used to accelerate the development of Episalvan as a treatment for epidermolysis bullosa, a rare, debilitating, genetic skin disorder that typically affects young children and for which there is currently no approved therapy.

Amryt chief executive Joe Wiley said: “Amryt is focused on building a portfolio of differentiated medicines, in therapeutic areas where there is a large unmet medical need and which offer significant commercial potential.

"Today's announcement is a further step towards realising the company's vision of building a specialty pharmaceutical company focused on delivering best in class treatments that improve the lives of those people with orphan diseases. We wish to thank our existing investors for their continuing support and welcome our new shareholders at this formative time.”

Shore Capital acted as lead manager, Nomad and joint broker, while Davy acted as ESM adviser and joint broker and Stifel acted as co-lead manager.