Cosmo Pharmaceuticals increases its stake in Acacia Pharma to 18.53%
Cosmo Pharmaceuticals N.V. today announced an amendment to the terms of its loan agreement with Acacia Pharma Group plc (“Acacia”) (EURONEXT: ACPH). Under the terms of the amendment the €10 million loan facility provided by Cosmo to Acacia in January 2020, which was available for drawdown by Acacia following the approval of BARHEMSYS® by the FDA in February 2020, is terminated and replaced with a €10 million equity investment at a price of €3.112 per share which represents a 4.1% premium to the Acacia Pharma closing share price on 29 May 2020 and equates to 3,213,769 Acacia ordinary shares to be issued to Cosmo. In addition, a further 367,893 shares are being issued to Cosmo (at an equity subscription price of €2.99 per share) in satisfaction of a €1,100,000 break fee payable under the terms of the loan amendment. The €25 million loan facility which will be made available by Cosmo to Acacia on the approval of Byfavo™ has not been affected by this transaction.