SINCLAIR Pharma and IS Pharma, two UK-based pharmaceutical groups, yesterday agreed terms for a recommended £130m merger.
Following the merger, the enlarged group will be headquartered in the UK with direct distribution operations in the UK, France, Germany, Italy, Spain and Ireland, and its own manufacturing and product development capability.
Sinclair Pharma’s shares will move from the main market to trade on AIM as Singer IS after the merger.
Sinclair Pharma’s directors plan to unanimously recommend that shareholders approve the deal, which was first announced on 14 April, adding that it will create of the UK’s biggest specialist pharma groups.
The merger is expected to become effective on 20 May. The bid values IS Pharma shares at 99.1p.
MEET THE ADVISERS
SINGER CAPITAL MARKETS
Shaun Dobson led the transaction from the Sinclair Pharma side. He is the joint head of the corporate finance department of Singer Capital Markets. Dobson joined Singers in April 2009 following the integration of a significant number of senior and front office employees from Teathers.
Dobson began his City career in the 1980s at Laing & Cruickshank, which was subsequently merged to become Credit Lyonnais Securities.
Over recent years he has predominantly focused on the life sciences sector.
On the IS Pharma side, Geoff Nash and Matthew Robinson from FinnCap drove the deal. FinnCap has worked with IS Pharma ever since the demise of its former adviser Piper Jaffray.
FinnCap helped the group raise two tranches of money last year and helped introduce the group, which specialises in oncology drugs, to new investors.