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Santhera launches capital increase of 5 million shares

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Santhera launches capital increase of 5 million shares

Santhera Pharmaceuticals Holding AG plans to place 5 million shares of the company via an accelerated bookbuild offering.

The shares, which will be newly issued and have a nominal value of CHF1 each, will be sold in a public offering in Switzerland, in private placements in certain areas outside the U.S. and Switzerland and in private placements in the U.S. to institutional buyers.

If all shares are placed, the company's share capital will increase to about CHF12.53 million from about CHF7.53 million.

The Swiss specialty pharmaceutical company plans to use $20 million of the net proceeds to pay the cash component of a previously announced deal between Santhera and Idorsia Ltd. Santhera agreed to acquire an option for an exclusive sublicense to vamorolone, a dissociative steroid seen as a safer alternative for patients with Duchenne muscular dystrophy. ReveraGen BioPharma Inc. discovered the drug, while Idorsia invested in its development.

Santhera expects to list the shares sold under the offering on the SIX Swiss Exchange.