Thomvest-backed Prometic unveils refinancing transactions
Prometic Life Sciences Inc (TSX: PLI) has negotiated deals to reduce debt and costs and raise financing for the next phase of the Laval, Québec-based biopharmaceutical company's development. The transactions include a $75 million equity offering led by Consonance Capital Management, a U.S. healthcare investment firm. They also include the conversion of about $229 million of debt held by an affiliate of Thomvest Asset Management, an investment arm of Canadian billionaire Peter Thomson, into common shares. As a result, Thomvest is expected to grow its stake in Prometic to about 81 percent of issued and outstanding shares. After closing these deals, Prometic will launch a rights offering to shareholders to raise up to $75 million.
16 April 2019•10 mins read
