By Iain Gilbert
Date: Friday 22 Jun 2018
LONDON (ShareCast) - (Sharecast News) - AIM-quoted speciality pharmaceutical company Alliance Pharma completed its £60m acquisition of Nizoral, a medical, anti-dandruff shampoo brand, on Friday.
Alliance acquired Nizoral from Janssen Pharmaceutica, a member of the Johnson & Johnson group, in order to boost its "successful and rapidly growing" Asia-Pacific distribution business and expects to generate "material earnings enhancement" in just its first year of ownership.
The acquisition was funded by an underwritten equity placing of new ordinary shares to raise gross proceeds of £34m and by a drawdown of £27.9m from Alliance's £35m extension to its debt facilities.
As a result of the placing, Alliance now has a total of 514.2m ordinary shares in issue.
As of 0940 BST, Alliance shares had lost 0.41% to 97.20p.
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