Amryt Pharma PLC said it completed the acquisition of Aegerion Pharmaceuticals Holdings Inc. from Novelion Therapeutics Inc.
The acquisition was executed as part of funding and restructuring deals to help Aegerion recover from bankruptcy.
As part of the deal, London-based Amryt set up a new U.K. holding company for the enlarged group. Additionally, the company issued ordinary shares of 6 pence each to Aegerion shareholders.
Amryt completed the $60 million fundraising by issuing new ordinary shares at a price of $1.79 apiece to new and existing investors, and certain creditors of Aegerion who backed the transaction.
Certain members of the merged entity also entered into an $81.9 million secured credit facility and issued $125 million of convertible notes to certain creditors of Aegerion.
A select number of Aegerion's creditors elected to instead receive 13,976,722 warrants to subscribe for new ordinary shares as consideration for the acquisition. Each warrant entitles the holder to subscribe for 1 ordinary share for no additional consideration. At admission, Amryt will have 18,631,064 warrants and options in issue, representing 11.8% of its issued ordinary share capital.
Admission of Amryt's 157,718,438 ordinary shares took place and dealings in the company's ordinary shares on the London Stock Exchange's AIM and Euronext Growth markets commenced 8:00 a.m. London time on Sept. 25 under the AMYT ticker.
As part of the deal's completion, Harry Stratford, Rory Nealon, James Culverwell and Markus Zeiner stepped down from Amryt's board, while George Hampton, Alain Munoz, Donald Stern, Patrick Vink and Stephen Wills became nonexecutive directors.
