Santhera Pharmaceuticals Holding AG completed a share placement offering to raise about CHF23.5 million in gross proceeds to fund a pending drug licensing deal with Idorsia Ltd.
The Swiss specialty pharmaceutical company placed a total of 3,133,334 shares in the offering at CHF7.50 apiece. Santhera's share capital will increase from about CHF7.5 million to CHF10.7 million as a result of the transaction.
Santhera plans to use $20 million of the net proceeds to pay the cash component of a pending deal with Idorsia to license the steroid vamorolone. The payment will complete that transaction. Vamorolone is a steroid seen as a safer alternative for patients with Duchenne muscular dystrophy.
The company expects the shares to start trading on the SIX Swiss Exchange around Dec. 18.