LONDON: Amryt Pharma, a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare and orphan diseases, announced that Amryt has successfully completed the acquisition of Aegerion Pharmaceuticals, Inc.
As part of the process the scheme of arrangement to insert a new UK holding company for the group became effective and the consideration for the acquisition has been satisfied through the issue of ordinary shares of 6 pence each in the Company to stakeholders of Aegerion.
Dr Joe Wiley, CEO of Amryt Pharma, commented: “Amryt has come a long way since the company was set up in August 2015. On completion of the acquisition today, Amryt has two substantial revenue-generating products with built in 2018 revenues of $136.5 million, a ready-made international commercial business in the USA, Europe, the Middle East and Latin America, a strong development pipeline and the financial flexibility to fully execute on our growth plans. Integration of the two businesses is already well underway and we are confident in the opportunities the deal will deliver for all of our stakeholders, and that the transaction will drive future shareholder value. We are particularly excited about growth opportunities in Europe following the recent approval of Myalepta by the EMA in July 2018.
“I would like to take this opportunity to thank Harry Stratford, James Culverwell and Markus Ziener for their significant contributions to the Amryt Board over the last three years, and I wish them well for the future. At the same time, I welcome George Hampton, Dr Patrick Vink, Stephen Wills, Donald Stern and Dr Alain Munoz to the Board and look forward to their input as the Board progresses its strategy for the enlarged Amryt group. Today’s announcement is also the result of much hard work committed by the Amryt team globally and I would like to thank them for their significant effort throughout this process.”
Amryt has completed the $60 million fundraising by way of the issue of new Ordinary Shares at a price of $1.79 per Ordinary Share to new and existing investors, and certain creditors of Aegerion who backstopped the fundraise.
In connection with the acquisition, certain members of the Enlarged Group have also entered into the $81.9 million Secured Credit Facility and issued $125m of Convertible Notes to certain creditors of Aegerion.