SkyGem acquires 59.96% stake in Allergy Therapeutics, launches cash offer for remaining shares

LONDON, UK: SkyGem Acquisition Limited, a private company backed by ZQ Capital, has acquired 59.96% of the shares of Allergy Therapeutics for 1 pence per share. As a result of this acquisition, SkyGem is required to make a mandatory cash offer for the remaining shares of Allergy Therapeutics, also at 1 pence per share. The offer is unconditional and is expected to be posted to shareholders shortly.

Southern Fox, which holds 27.50% of Allergy Therapeutics, has given an irrevocable undertaking not to accept the offer.

Under the terms of the offer, Allergy Therapeutics Shareholders shall be entitled to receive 1 pence in cash for each Allergy Therapeutics Share. The cash consideration implies a value of approximately £47.91 million for the issued and to be issued share capital (excluding warrants) of Allergy Therapeutics.

SkyGem, a private company limited by shares incorporated in England and Wales in 2018, was established for the purposes of ZQ acquiring an interest in Allergy Therapeutics Shares. SkyGem is not a trading company and since incorporation has not engaged in any activities save for transactions relating to the Offer for Allergy Therapeutics Shares. SkyGem is an indirect wholly-owned subsidiary of funds managed by ZQ.