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Probiotec sells 10% of company for A$10.6M

Probiotec Ltd. said it sold 10% of the company to institutional investors for A$10.6 million.

The Australian pharmaceutical company said it will issue 6 million of its shares for A$1.76 each, representing 10% of the company's total issued capital before the placement.

Probiotec expects to allot and issue the shares on Oct. 1 and plans to use the funds to further the integration of recently-acquired ABS (Aus) Pty. Ltd.

The Australian company manufactures, packs and distributes a range of prescription and over-the-counter medicines and consumer health products.