Vernalis completes the acquisition of Cita NeuroPharmaceuticals Inc
Vernalis plc announced that it has completed the acquisition of the privately held Canadian company, Cita NeuroPharmaceuticals Inc.
In consideration for Vernalis acquiring the entire issued share capital of Cita, Vernalis has issued as initial consideration 26,915,831 new Vernalis Ordinary Shares. Of these shares, 2,630,847 Ordinary Shares have been issued to certain Cita shareholders and the remaining 24,284,984 Ordinary Shares have been placed by Piper Jaffray pursuant to a Vendor Placing, which also completed today, to realise cash proceeds payable to certain Cita shareholders of £15.3 million (before expenses).
As a result of the acquisition of Cita (including the Vendor Placing) and a Placing and Open Offer by the Company, which also completed today, the enlarged issued share capital of Vernalis is 311,463,549 Ordinary Shares.
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