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LSE interview – Cathal Friel refocuses Open Orphan #ORPH as he raises 5m and buys virology specialist hVIVO

In a wide-ranging interview with London South East, Open Orphan Executive Chairman Cathal Friel outlines his vision for the business and explains how the combined talents of Open Orphan, hVivo and Venn Life Sciences will create a soon to be profitable pharmaceutical services one-stop shop.

Friel says this acquisition is the last however, as he is a major shareholder and he doesn’t want to see his own shareholding diluted along with everyone elses. The focus has been on reducing head count and building revenues at Venn Life Sciences since the Open Orphan IPO last June. Now, with the £13M bolt-on acquisition of hVivo, the London-based virology specialist company, the game has changed once again.

Friel says he sees hVivo as a loss-making and hugely undervalued asset. hVIVO went from being a vaccines and virology specialist to a drugs discovery business five years ago, with Neil Woodford and other investors putting in 113m of investment. “I really like Trevor Phillips and Tim Sharpington who came in 18 month ago to turn it around. But the previous management team got lost and we have picked up a bargain”. So how much are the assets worth today? “It’s very hard to say” explained Cathal, “113M in five years is a lot to spend but you can’t blow it all.

We have a 24 bed quarantine clinic facility which is worth 25 million or so on replacement value, we have a virology lab with the world’s largest stock of virology models likewise worth 25 million, and 7 or 8 million, so we 50 or 60 million of real assets”.

Open Orphan #ORPH presents at Shares Growth and Invention Forum, London

Open Orphan, the rapidly growing specialist CRO pharmaceutical services company which has a focus on orphan drugs and is a world leader in the provision of virology and vaccine challenge study services, is pleased to announce that the Company will be attending and presenting at the Shares Growth and Invention Forum on February 11, 2020 at Business Design Centre, London N1, London, N1 0QH. Cathal will be presenting at 15:30 in the Babbage Room. Investors are able to register to attend at https://ajbell.eventsair.com/gif-2020/private/Site/Register.

Cathal Friel, Open Orphan’s Executive Chairman will be presenting from 15:30 onwards to update existing and potential investors on the Company’s business plans for 2020.

The event will provide an opportunity for investors to hear about the progress being made by the Company following the acquisition of hVIVO and the potential for Open Orphan as it moves rapidly forward.  hVIVO, is a world leader in the provision of viral challenge studies, vaccine and viral laboratory services, supporting product development for customers developing antivirals, vaccines and respiratory therapeutics, all particularly relevant and topical in the environment of heightened awareness of the Coronavirus in 2020. It also has Europe’s only commercial 24 bed quarantine clinic and on-site virology laboratory at Queen Mary’s Hospital in London.

Additionally, a link to the video of Open Orphan’s presentation will be made available on the Company website following the event.

For further information on the Shares Investor Evening, please visit the event website https://www.sharesmagazine.co.uk/events/event/growth-innovation-forum-2020-1 

Investor Presentation

A link to our investor presentation is available on our website  at https://www.openorphan.com/sites/openorphan/files/Open%20Orphan%20Investor%20Deck_0.pdf.

For further information please contact

Open Orphan plc

Cathal Friel, Executive Chairman              

Trevor Phillips, Chief Executive Officer

 

+353 (0)1 644 0007

+44 (0)20 7347 5350

Arden Partners plc (Nominated Adviser and Joint Broker)

John Llewellyn-Lloyd / Benjamin Cryer

+44 (0)20 7614 5900

Davy (Euronext Growth Adviser and Joint Broker)

Anthony Farrell

+353 (0)1 679 6363

Camarco (Financial PR)

Tom Huddart / Daniel Sherwen

+44 (0)20 3757 4980

About RNS Reach announcements

This is an RNS Reach announcement. RNS Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.

Notes to Editors:

Open Orphan is a rapidly growing European full pharmaceutical services company with a focus on orphan drug and specialist services, comprising two commercial specialist CRO services businesses (Venn and hVIVO) and a developing early stage orphan drug genomics data platform business capturing valuable genetic data from patient populations with specific diseases with designated orphan drug status and incorporating AI tools.  In June 2019, Open Orphan acquired AIM-listed Venn Life Sciences Holdings plc in a reverse take-over and in January 2020 it completed the Merger with hVIVO plc. Venn, as an integrated drug development consultancy, offers CMC (chemistry, manufacturing and controls) , preclinical, phase I & II clinical trials design and execution. hVIVO, is a world leader in the provision of viral challenge studies, vaccine and viral laboratory services, supporting product development for customers developing antivirals, vaccines and respiratory therapeutics, all particularly relevant and topical in the environment of heightened awareness of the Coronavirus in 2020. The Merger with hVIVO created a European full pharma services company broadening the Company’s customer base and with complementary specialist CRO services, widened the range of the Company’s service offerings.

Open Orphan #ORPH – Upcoming Investor Events

Open Orphan (ORPH), the rapidly growing specialist CRO pharmaceutical services company which has a focus on orphan drugs and is a world leader in the provision of virology and vaccine challenge study services, is  pleased to announce that the Company will be attending and presenting at a series of investor events from the 11th February to 26th March 2020.

Cathal Friel, Open Orphan’s Executive Chairman, or Trevor Phillips, CEO, will be in attendance for all the events and will be presenting an update to existing and potential investors on the Company’s acquisition of hVIVO and business plans for 2020. hVIVO, is a world leader in the provision of viral challenge studies, vaccine and viral laboratory services, supporting product development for customers developing antivirals, vaccines and respiratory therapeutics, all particularly relevant and topical in the environment of heightened awareness of the Coronavirus in 2020. It also has Europe’s only commercial 24 bed quarantine clinic and on-site virology laboratory at Queen Mary’s Hospital in London.

A link to our investor presentation is available on our website  at https://www.openorphan.com/sites/openorphan/files/Open%20Orphan%20Investor%20Deck_0.pdf

No new material information will be disclosed at any event.

A full schedule of the upcoming events is as follows:

Event

Date/Time

Location

Shares Magazine/Cenkos Growth and Innovation Forum

February 11, 2020

08:45 – 17:30

London – Business Design Centre, London N1 52 Upper Street, Islington

 

ShareSoc Growth Company Seminar

February 25, 2020

18:00 – 20:40

 

Manchester – DoubleTree by Hilton Hotel, One Piccadilly Place, 1 Auburn Street, Manchester M1 3DG

Shares Magazine Investor Event

February 25, 2020

17:30 – 21:30

London – Novotel, Pepys Street, London

ShareSoc Growth Company Seminar

March 11, 2020

17:30 – 21:30

London – Company Matters/Link Asset Services, 65 GRESHAM STREET, London EC2V 7NQ

ShareSoc Growth Company Seminar

March 17, 2020

18:00 – 20:40

Birmingham – Clayton Hotel Birmingham, Albert Street, Birmingham B5 5JE

Proactive Investors One2One Forum

March 26, 2020

18:00 – 21:30

London – Chesterfield Mayfair Hotel, 35 Charles Street, London, W1J 5EB 

Enquiries:

Open Orphan plc                                                                                                            

Cathal Friel, Executive Chairman                                                                        +353 (0)1 644 0007

Trevor Phillips, Chief Executive Officer                                                              +44 (0)20 7347 5350

 

Arden Partners plc (Nominated Adviser and Joint Broker)                          +44 (0)20 7614 5900

John Llewellyn-Lloyd / Benjamin Cryer

 

Davy (Euronext Growth Adviser and Joint Broker)                                          +353 (0)1 679 6363

Anthony Farrell

 

Camarco (Financial PR)                                                                                           +44 (0)20 3757 4980

Tom Huddart / Daniel Sherwen

 

About RNS Reach announcements

This is an RNS Reach announcement. RNS Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on RNS Reach.

Notes to Editors:

Open Orphan is a rapidly growing European full pharmaceutical services company with a focus on orphan drug and specialist services, comprising two commercial specialist CRO services businesses (Venn and hVIVO) and a developing early stage orphan drug genomics data platform business capturing valuable genetic data from patient populations with specific diseases with designated orphan drug status and incorporating AI tools.  In June 2019, Open Orphan acquired AIM-listed Venn Life Sciences Holdings plc in a reverse take-over and in January 2020 it completed the Merger with hVIVO plc. Venn, as an integrated drug development consultancy, offers CMC (chemistry, manufacturing and controls), preclinical, phase I & II clinical trials design and execution.  hVIVO, as an industry leading services provider in viral challenge studies and vaccine and viral laboratory services, supports product development for customers developing antivirals, vaccines and respiratory therapeutics , all particularly relevant and topical in the environment of heightened awareness of the Coronavirus in 2020. The Merger with hVIVO created a European full pharma services company broadening the Company’s customer base and with complementary specialist CRO services, widening the range of the Company’s service offerings.

Proactive Investors interview with the Open Orphan #ORPH team on its future and ‘the lottery ticket’ sitting within hVIVO

Open Orphan PLC‘s (LON:ORPH) Cathal Friel speaks to Proactive London’s Andrew Scott following the completion last week of its £5.3mln fundraise.

Also in studio is adviser to Open Orphan and founder of hVivo Professor John Oxford.

Professor Oxford’s been a leader in the field of vaccine and anti-viral clinical trials for the last 20 years.

hVivo, which has recently been acquired by Open Orphan, owns the largest commercial quarantine clinic in northern Europe and could play a role in treating patients affected by the recent outbreak of coronavirus.

BRR Media – Open Orphan #ORPH business update

Cathal Friel, Executive Chairman of Open Orphan, provides an update on developments at the company following the successful fundraising, and also introduces Professor John Oxford – a leading expert in the field of virology and an original founder of hVIVO – who will be working with the company as a consultant.

Keeping pace with Open Orphan

It’s been an exceptionally busy few months for Open Orphan (ORPH) and its Executive Chairman Cathal Friel.

Since reversing into Venn Life Sciences last summer, Open Orphan has set it’s sights on a series of acquisitions to forge a specialist pharmaceutical services group with a focus on orphan drugs. In raising the money to complete the Venn Life Sciences and recent hVIVO acquisitions,  Friel has invested over £2m of his own money through his investment vehicle Raglan Capital into Open Orphan. His investments are locked in until three years after the IPO in June 2019.

In 2018, over 50% of new FDA approved drugs were classed as ‘orphan’, i.e. treat rare diseases.

With this in mind, Friel and his team have constructed a vehicle to acquire and consolidate a number of smaller companies into a larger profitable pharma services company. Within this there is Open Orphan Genomic Health Data, using AI tools to build a valuable database of patient information using a low cost data collection methodology.

In the run up to the end of 2019, ORPH struck several three year contract agreements and collaborations lucrative partnership agreements and collaborations, most notably with French pharma giant Ipsen Group, Japanese pharma company Carna and a Tier 1 German pharma company as part of moving the original Venn business away from short term ad-hoc contracts towards longer more sustainable contracts.

The acquisition promised at Open Orphan’s launch last summer came to fruition in December, when the company announced the acquisition of hVIVO, a world leader in the provision of viral challenge study services to companies developing vaccines for viruses.

The deal offered 2.47 shares for each hVIVO share, providing its shareholders with a 33% uplift. Open Orphan also broke the mould by moving fast in a slow moving sector as this takeover was recorded as one of the fastest in 7 years for the London market, completing as it did in just 38 days. More importantly, the economies of scale the merger delivers greatly broadens Open Orphan’s in-house clinical offering and opportunities to commercialise the existing deal pipeline.

Both Venn and more importantly hVIVO had been chronically loss making, however given the compelling synergies, the Open Orphan team led by Friel are optimistic that the enlarged Group will be profitable by June 2020 if not before.

To maximise on the opportunities generated by the acquisition, a further £5.3m fundraise was completed at the end of January 2020, conducted at a small premium to market price and with a minimum fundraise of £2.5m  once again underwritten by Friel’s investment vehicle. The raise was oversubscribed, predominantly funded by institutional investors and at a good premium to the IPO fundraise in June 2019. Added to this, Friel personally invested £300k.

As part of the hVIVO acquisition, Open Orphan now owns the largest quarantine facility in N Europe, with 24 quarantine bedrooms at Queen Mary’s Hospital in London.

As things currently stand, this facility may potentially be used for ill patients patients during the current Coronavirus crisis that is gripping China and slowly spreading to other countries.

Professor John Oxford, one of the original founders of hVIVO is also a world-leading expert on Coronavirus and virology. In this capacity he has appeared across numerous TV and radio programmes over the past week, and is also an advisor and consultant to Cathal Friel and the enlarged Open Orphan Group.

The coming days will see more information emerge about Open Orphan and hVivo’s capabilities surrounding virology, vaccines and the quarantine facility.

To keep up to speed with this fast moving company, the latest copy of the Open orphan investor presentation is now available to view on https://www.openorphan.com/investors/reasons-invest.

Alan Green – February 2020

Sunday Times – Irish firm Open Orphan #ORPH lined up for role in coronavirus fight

by Brian Carey

An Irish company is on call to play a part in the fight against the spread of the Wuhan coronavirus. Open Orphan, which is listed on the Alternative Investment Market in London, has just completed the purchase of hVivo, a British company which owns the largest commercial quarantine clinic in northern Europe.

The 24-bed clinic, attached to St Mary’s Hospital in London, is the only purpose-built commercial quarantine facility of its kind in Britain, and is normally used in vaccine trials. It is believed to be one of the few facilities in the UK where chronically ill coronavirus patients could be treated. There is a similar facility in Belgium, with seven beds.

Two Chinese nationals from the same family have been confirmed as Britain’s first

Read the full article here

Open Orphan #ORPH – Results of Placing and Subscription

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.  THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF OPEN ORPHAN PLC IN ANY JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

31 January 2020

Open Orphan plc – Results of Placing and Subscription

Open Orphan plc (ORPH), the rapidly growing specialist pharmaceutical services company which has a focus on orphan drugs, announces that, further to its announcement at 7.00 a.m. today (the “Fundraising Announcement”), it has successfully completed the oversubscribed Fundraising which is now closed.

The conditional Placing and Subscription has raised £5.3 million (before expenses) through the placing of 71,254,110 new Ordinary Shares and subscription of 15,631,143 new Ordinary Shares with certain institutional and new shareholders at an Issue Price of 6.1 pence per share.

As outlined in the Fundraising Announcement, the net proceeds of the Fundraising will be used to fund the growth and synergies programme of the business following the completion of the hVIVO acquisition on 17 January 2020. The complementary fit, the shared vision and strong shareholder support on both sides of the businesses has allowed Open Orphan to move swiftly to complete the public takeover from the first discussions in November.

hVIVO is an industry leading services provider in viral challenge studies and virology laboratory services. It has the only 24-bedroom state of the art quarantine clinic with on-site virology laboratory and provides a high level of infection control that allows multiple studies and virus-types to be used simultaneously. It has a world leading portfolio of viral challenge models including 2 Flu, 2 RSV, 1 Asthma, 1 Cough and 1 COPD viral challenge models.

Director Participation

The following Director of the Group participated in the Placing:

Name of Director

Number of Placing Shares subscribed for

Total Ordinary Shares following the Fundraising

Total interest in the enlarged issued share capital

Cathal Friel, Executive Chairman

4,918,030

45,965,011

8.6 %

The Placing participation from Cathal Friel is considered a related-party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The directors (other than Cathal Friel) consider, having consulted with Arden Partners, the Company’s nominated adviser, that the Placing participation is fair and reasonable in so far as Open Orphan’s shareholders are concerned.

The Placing participation from Cathal Friel is considered a related-party transaction for the purposes of the Euronext Growth Rules. The directors (other than Cathal Friel) consider, having consulted with Davy, the Company’s Euronext Growth Adviser, that the Placing participation is fair and reasonable in so far as Open Orphan’s shareholders are concerned.

Admission and Total Voting Rights

The Fundraising is conditional on Admission, and is being carried out within the Company’s existing share authority to issue Ordinary Shares for cash.

It is expected that the Fundraising Shares will be admitted to trading on AIM and Euronext Growth at 8.00 a.m. on or around 6 February 2020 (or such later date as may be agreed between the Company and Arden, but no later than 28 February 2020).

Following Admission of the Fundraising Shares, the total number of Ordinary Shares in the Company in issue will be 532,507,627. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA’s Disclosure and Transparency Rules.

Cathal Friel, Executive Chairman of Open Orphan, said: “As I said in our RNS announcement of the 20th of January, I am hugely excited by the combination of Open Orphan and hVIVO. We have a fantastic team, substantial revenue potential and the opportunity to grow a profitable business quickly in the year ahead. I am personally participating in the placing as I believe in the strategy of the business and its ability to deliver substantial returns to shareholders in the next 12 months.

Furthermore, I am particularly excited as to the opportune timing of our acquisition of hVIVO, as virology, vaccines and viruses are particularly topical all around the world in recent days and weeks and hVIVO have the unique reputation as being the world leader in this space of providing services for over 30 years to the vaccine production companies around the world. Furthermore, hVIVO has quite a large database of anonymised patient data including genomic data and which we can now upload and potentially monetise through our Open Orphan Genomic Health Data platform.

We are delighted we have completed the Fundraising of over £5 million and welcome the new investors to the shareholder register, where our original Open Orphan founders and management team still retain a substantial stake in excess of 20% of the enlarged company because of our original personal investment in the business and which remains locked up for three years post our June 2019 IPO. The Fundraising strengthens the balance sheet to help us realise the full potential of the enlarged group. We are excited by the growth potential of the Company and look forward to creating value for all our shareholders.”

Capitalised terms in this Announcement shall have the meanings given to such terms in the Group’s announcement at 7.00 a.m. today.

For further information please contact

Open Orphan plc

Cathal Friel, Executive Chairman                                                                        +353 (0)1 644 0007

Trevor Phillips, Chief Executive Officer                                                              +44 (0)20 7347 5350

Arden Partners plc (Nominated Adviser and Joint Broker)                          +44 (0)20 7614 5900

John Llewellyn-Lloyd / Benjamin Cryer

Davy (Euronext Growth Adviser and Joint Broker)                                          +353 (0)1 679 6363

Anthony Farrell

Camarco (Financial PR)                                                                                           +44 (0)20 3757 4980

Tom Huddart / Daniel Sherwen

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

 Cathal Friel

2

Reason for the notification

a)

Position/status

 Executive Chairman

b)

Initial notification/ Amendment

 Initial Notification

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 Open Orphan plc

b)

LEI

213800VT5KBM7JLIV118

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 Identification code

 Ordinary Shares

 

 ESVUFR

 ISIN  GB00B9275X97

 

b)

Nature of the transactions

 Purchase of 4,918,030 ordinary shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

6.1p

4,918,030

d)

Aggregated information

–     Aggregated volume

–     Price

 

 4,918,030

 £299.999.83

e)

Date of the transaction

 31/01/2020

f)

Place of the transaction

 Dublin

Open Orphan #ORPH – Proposed Placing to raise a minimum of £5 million to fund growth and convert hVIVO proposal pipeline

THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.  THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF OPEN ORPHAN PLC IN ANY JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

31 January 2020

Open Orphan plc – Proposed Placing and Subscription to raise a minimum of £5 million

Open Orphan plc (ORPH), a rapidly growing specialist pharmaceutical services company which has a focus on orphan drugs, with reference to its announcement of 20 January 2020, is pleased to announce a fundraising to raise a minimum of £5 million (before expenses) (the “Fundraising”) via a conditional placing of new Ordinary Shares (“Placing Shares”) at a price of 6.1 pence per new Ordinary Share (the “Issue Price”) to institutional and other investors (the “Placing”) and a subscription of new Ordinary Shares (“Subscription Shares”) at the Issue Price to institutional and other investors (the “Subscription”).

Fundraising highlights:

–    The Group intends to conduct a conditional Placing and Subscription to raise a minimum of £5 million via the Placing of the Placing Shares at the Issue Price and Subscription of the Subscription Shares at the Issue Price.

–   The Placing is to be conducted by way of an accelerated bookbuild process which will commence immediately following this Announcement and will be subject to the terms and conditions set out in Appendix I to this Announcement.

–   The Company has conditionally raised approximately £1.0 million (before expenses) through the Subscription of 15,631,143 Subscription Shares.

–    The proceeds of the Fundraising receivable by the Group will be used to fund the growth and synergies programme of the Group following completion of the Merger of Open Orphan and hVIVO (the “Merger”).

–    The Issue Price represents a premium of approximately 0.8 per cent. to the closing mid-market price on 30 January 2020, being the latest practicable date before this Announcement.

–    The Fundraising has been underwritten up to £2.5 million by Raglan Capital Limited, an entity controlled by Cathal Friel. Cathal Friel also intends to participate in the Placing.

–    Admission of the Placing Shares and Subscription Shares (the “Fundraising Shares”) to trading on AIM and Euronext Growth (“Admission”) is expected to occur no later than 8.00 a.m. on 6 February 2020 or such later time and/or date as Arden, Davy and the Group agree (being in any event no later than 8.00 a.m. on 28 February 2020).

Cathal Friel, Executive Chairman of Open Orphan commented:  “The Fundraising of £5 million will be used to fund the growth and synergies programme of the business and provide balance sheet strength to convert a strong pipeline of proposals with hVIVO. We are excited by the potential of the combined businesses, which we believe is positioned for profitability, and can deliver substantial returns for our shareholders.”

For further information please contact

Open Orphan plc

Cathal Friel, Executive Chairman                                                                              +353 (0)1 644 0007

Trevor Phillips, Chief Executive Officer                                                                   +44 (0)20 7347 5350

Arden Partners plc (Nominated Adviser and Joint Broker)                           +44 (0)20 7614 5900

John Llewellyn-Lloyd / Benjamin Cryer

Davy (Euronext Growth Adviser and Joint Broker)                                           +353 (0)1 679 6363

Anthony Farrell

Camarco (Financial PR)                                                                                                 +44 (0)20 3757 4980

Tom Huddart / Daniel Sherwen

Additional information

Expected timetable of principal events

Announcement of the Fundraising

31 January 2020

Announcement of the results of the Fundraising

31 January 2020

Admission of the Fundraising Shares to trading on AIM and Euronext Growth and commencement of dealings

8.00 a.m. on 6 February 2020

Expected date for CREST accounts to be credited in respect of Fundraising Shares in uncertified form

6 February 2020

Where applicable, expected date for despatch of definitive share certificated for Fundraising Shares in certified form

20 February 2020

Open Orphan #ORPH – Compulsory Acquisition of Remaining hVIVO Shares

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.

28 January 2020

Open Orphan plc (ORPH), the rapidly growing specialist pharmaceutical services Group which has a focus on orphan drugs, made a recommended all-equity offer (the “Offer”) on 9 December 2019 for the entire issued and to be issued share capital of hVIVO plc (“hVIVO”).

On 14 January 2020, Open Orphan announced that the Offer was closed and no longer capable of being accepted.

On 17 January 2020, Open Orphan announced that the Offer was unconditional in all respects and that, pursuant to the provisions of sections 974-991 of the Companies Act 2006, the Group would compulsorily acquire the remaining hVIVO shares to which the Offer related.

Posting of Compulsory Acquisition Notices

Further to its announcement on 17 January 2020 regarding its intention to implement the compulsory acquisition procedure pursuant to sections 974-991 of the Companies Act 2006, Open Orphan announces the despatch yesterday of formal compulsory acquisition notices to hVIVO Shareholders who have not accepted the Offer (the “Compulsory Acquisition Notices”). The compulsory acquisition will be settled on the same terms as the Offer and the relevant hVIVO shareholders will be entitled to receive 2.47 Open Orphan shares for every one hVIVO share. The transfer of Open Orphan Shares in accordance with the Compulsory Acquisition Notices will take place on 9 March 2020, being six weeks from the date of the Compulsory Acquisition Notices.

On the expiry of six weeks from the date of the Compulsory Acquisition Notices, being 9 March 2020, and unless any of the hVIVO shareholders who have not accepted the Offer apply to the Court and the Court orders otherwise, the hVIVO shares held by those hVIVO shareholders who did not accept the Offer will be acquired compulsorily by Open Orphan on the same terms as the Offer. The consideration shares to which those hVIVO shareholders will be entitled will be allotted to hVIVO as trustee on behalf of those hVIVO shareholders and they will be requested to claim their consideration by writing to Open Orphan at the end of the six-week period.

For further information please contact

Open Orphan plc

Cathal Friel, Executive Chairman                                                                             +353 (0)1 644 0007

Trevor Phillips, Chief Executive Officer                                                                   +44 (0)20 7347 5350

Arden Partners plc (Nominated Adviser and Joint Broker)                           +44 (0)20 7614 5900

John Llewellyn-Lloyd / Benjamin Cryer

Davy (Euronext Growth Adviser and Joint Broker)                                           +353 (0)1 679 6363

Anthony Farrell

Camarco (Financial PR)                                                                                                 +44 (0)20 3757 4980

Tom Huddart / Daniel Sherwen

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