Alliance Pharma agrees £350m takeover by US fund manager Alliance Pharma has agreed to a £350million takeover by its biggest shareholder, asset management group DBAY Advisors.
The proposal is also more than double the 29.4p closing price recorded in May 2024 when Alliance announced the departure of its chief executive and a third delay to the publication of its 2023 results in five weeks.
DBAY believes the cost of Alliance's public listing hurts its ability to prioritise long-term growth and did not provide 'significant benefits' for the company given its current liquidity levels.
They also said DBAY's support and private capital will enable Alliance to return to its acquisition strategy 'more quickly than if it remained on the public market'.
The drug manufacturer said its investors would receive 62.5p per share under the deal, a 40.9 per cent premium to its closing share price on Thursday.
