Cork medical firm PMD to acquire Swedish biotech company in reverse takeover

The deal will see PMD listed on the NASDAQ First North exchange in Sweden by the end of the year pending all regulatory approvals

Once the reverse takeover is completed, Promore will cease its operations and begin trading as PMD Device Solutions AB

Swedish biotechnology firm Promore Pharma has planned to carry out a reverse acquisition of Cork medical devices company, PMD Solutions.

The deal will see Promore purchase all shares in PMD for a consideration of around €11m, which will be paid by newly issued shares in the Stockholm-based firm.