Dublin healthcare firm plots UK reverse takeover

By Geoff Percival

Shares in Irish personal healthcare company Integumen have been suspended from trading following the company announcing its intention to acquire London-based plastics business Cellulac in a reverse takeover.

The proposed deal would see Dalkey-headquartered Integumen take Cellulac’s name and enlarge its business from skin, oral and wound care products to cosmetics, food supplements and biodegradable plastics.

The deal will be a cash and shares transaction, of which 84% of the consideration will be paid by in shares.

Integumen is listed on London’s AIM market and is 25%-owned by Irish drug development company Venn Life Sciences. It raised more than €2.6m via its IPO last year, which followed on from it acquiring Venn Life Sciences’ former healthcare innovation subsidiary.

Cellulac also has Irish connections, starting out as a National University of Galway campus company. The company has operations in Ireland and the UK.

Cellulac’s current chief executive and chief operations officer; Gerard Brandon and Camillus Glover respectively, will fill the same roles in the enlarged company, which will be re-registered as a private company.

Declan Service, Integumen’s existing chief, has resigned with immediate effect.

Chris Bell, Integumen’s current finance chief will act as interim CEO until the deal is concluded.

A further two non-executive directors are expected to be added to the company’s board in due course.

The deal is reliant on, amongst other things, due diligence, shareholder approval and Integumen completing a £7.5m (€8.7m) fundraising effort, either through a share placing or debt funding.