Acquisition
Healthcare investor MDY Healthcare plc has agreed to acquire two quoted healthcare investments from the private equity group 3i Group plc for a total of £3 million.
The deal to acquire stakes in ProStrakan plc and Santhera GmbH will be sealed by a combination of cash, new ordinary shares and unsecured loan notes.
At the same time MDY announced that it is in the process of establishing a fund to invest in medtech companies in China, saying it has identified a large and growing demand for mid-range medical devices and equipment in the country.
3i has committed to invest $1 million as a cornerstone investor in MDY Healthcare’s new international business, subject to the finalisation of documentation relating to its structure, and the receipt by 3i from MDY of the £3 million for the ProStrakan and Santhera stakes.
Following completion of the deal 3i will hold 29.9 per cent of MDY’s equity.
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