IS Pharma plc – placing at a premium gives confidence and we get a dividend as well
The speciality pharmaceutical company has announced that it has raised £3.6m at 77p per share with Abingworth LLP, the strategic healthcare investor. The placing price surprisingly (at least in this market) represents a 9% premium to the closing price of 70.5p the day before the announcement.
Abingworth clearly likes what it sees in ISPH and is now the largest shareholder in the Group with a 13% holding.
IS Pharma continues to focus on its strategy of growth through the acquisition, development and growth of late stage speciality products. Given the strong and sustainable increase in revenues and profits, together with a further strengthened balance sheet, ISPH has also announced an intention to introduce a maiden dividend.
We whole heartedly agree with Abingworth and consider ISPH continues to present an attractive investment proposition!