Dechra Pharmaceuticals raises £133.4m in placing
By Michele Maatouk
Date: Thursday 04 Jun 2020
(Sharecast News) - Dechra Pharmaceuticals has raised £133.4m in a placing to fund an acquisition and bolster its finances as it looks to weather any Covid-related disruption.
The company placed just over 5.1 million shares, or 5% of the existing issued share capital, at 2,600p each. The placing price represents a 5.3% discount to the closing middle market share price of 2,746p on Wednesday.
The immediate deployment of part of the proceeds will be to fund the Osurnia acquisition when it completes, Dechra said.
The company said it was looking to "maintain a prudent balance" and that the proceeds would allow it to retain "the flexibility to capitalise on the company's well established and proven four key growth drivers: portfolio focus; pipeline delivery; geographic expansion; and acquisition".
It will also provide the group with "enhanced financial strength, resilience and flexibility through a period of possible disruption arising from Covid-19 so that the group is not constrained in maximising its long-term potential".
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