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Palla Pharma to raise A$31.1M in placement, entitlement offer

Palla Pharma Ltd. is planning to raise a total of A$31.1 million in a capital raising consisting of a placement and an entitlement offer.

The capital raising is priced at 70 Australian cents per share.

The placement offer is expected to raise about A$8.4 million, while the entitlement offer is expected to raise approximately $22.7 million.

Eligible shareholders can subscribe for 2 new ordinary shares of the company for every 5 existing shares they hold Oct. 21 under the entitlement offer. The entitlement offer comprises an institutional component and a retail component.

Eligible institutional shareholders can participate in the placement and the institutional entitlement offer, which will take place from Oct. 17 to Nov. 18. The institutional shareholders can also decide to take up all, part or none of their entitlements, which cannot be traded on the market.

Meanwhile, eligible retail shareholders can participate in the retail component of the entitlement offer at 70 cents per share. The retail component opens Oct. 23 and will close Nov. 11.

Arnold Bloch Leibler and KPMG advised Palla Pharma on the capital raising. Morgans Corporate Ltd. and Shaw and Partners Ltd. are joint lead-managers and underwriters.

The retail entitlement offer is also underwritten by Morgans Corporate Ltd. and Shaw and Partners Ltd.

Australia's Palla Pharma produces and distributes narcotic raw materials, active pharmaceutical ingredients and finished dosage formulations for pharmaceutical markets.