Setterwalls has advised Recipharm AB (publ) in connection with a new share issue with preferential right for the company's shareholders which after the end of the subscription period on 7 June 2016 has been fully subscribed.
The rights issue provides Recipharm with proceeds of approximately SEK 805 million before deduction of issue costs. The proceeds from the new share issue shall be used to acquire Kemwell's pharmaceutical CDMO businesses. The acquisitions comprises Cirrus Pharmaceuticals Inc. with operations in the US, Kemwell AB in Sweden and Kemwell Biopharma Private Ltd's pharmaceutical operations in India. The acquisition of Cirrus Pharmaceuticals Inc. and Kemwell AB have been completed. The acquisition of Kemwell Biopharma Private Ltd's pharmaceutical operations in India is subject to governmental approvals and is expected to be finalised before year end.