LONDON: DBAY Affiliates and the ERES IV Fund have agreed to acquire Alliance Pharma for 62.5 pence per share in cash, valuing Alliance at approximately £349.7 million on a fully diluted basis.
Shareholders can opt for cash or exchange shares for loan notes, converting to B ordinary shares in Midco. DBAY aims to delist Alliance, citing the need for private growth.
DBAY, the largest Alliance shareholder with a 27.9% stake, supports Alliance’s leadership and future prospects but sees operational and strategic changes as necessary. DBAY believes taking Alliance private will enable growth initiatives without public market pressures.
Alliance’s Non-Executive Chairman Camillo Pane noted the company’s growth since its IPO and endorsed the DBAY offer as attractive for shareholders. DBAY representatives Alexander Paiusco and Samuel Tresidder expressed support for Alliance’s leadership and future growth plans. Elyan Partners SAS of the ERES IV Fund also backed the acquisition, emphasizing long-term growth.
DBAY plans to delist Alliance shares from AIM post-acquisition.