Fastnet Equity in €37m debut deal

Dublin-based investment firm Fastnet Equity has reached conditional agreement to acquire drug firm Amryt Pharmaceuticals for £29.6m (€37.5m).

The deal qualifies as a reverse takeover and, if concluded, will see the business renamed Amryt Pharma, with a dual listing on Dublin’s ESM and London’s AIM markets.

Fastnet, which last year switched its focus from oil and gas exploration to healthcare /biopharmaceutical investment, will meet the consideration through a share transaction and aims to raise a further £10m via a conditional placing of nearly 41.7m new ordinary shares. Fastnet Equity’s share price was up by over 7% on yesterday’s news.