Sinclair Pharma in Solvay deal

Oral health and dermatology specialist Sinclair Pharma is raising £25 million and buying two products from Belgium’s Solvay Pharmaceuticals.


Oral health and dermatology specialist Sinclair Pharma is raising £25 million and buying two products from Belgium’s Solvay Pharmaceuticals.

Oral health and dermatology specialist Sinclair Pharma is raising £25 million and buying two products from Belgium’s Solvay Pharmaceuticals.

Fully-listed Sinclair is to raise the money in a placing and open offer at a discounted 32p to buy Flammazine, a sterile topical cream to treat and prevent infections in burn wounds, and Flammacerium, which seeks to do the same job for extensive burn wounds. Solvay is selling the two for a combined €17.5 million (£16.3 million) and Singer Capital Markets is underwriting the placing and open offer.

Sinclair, which turned a £600,000 loss into £3.2 million pre-tax profits in the six months to last December, but more recently warned full-year results would be affected by de-stocking in the industry, says it is also ‘in the advanced stages’ of negotiating a new £9 million debt facility. At the same time, Dr. Michael Flynn is retiring after nine years as chief executive officer of the company, to be replaced by Christopher Spooner, co-founder and hitherto chief executive officer of US-owned healthcare concern HealthCor Management UK.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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