As a follow-up to the c €20.7m Neovacs strategic investment in Pharnext, the French biotech has set up a management trust with Equitis Gestion, as trustee, to manage obligations, rights and activities with respect to the convertible debt. In this capacity, Equitis Gestion will be responsible for managing all securities issued by Pharnext (including warrants to purchase the bonds plus associated warrants to subscribe to common equity) as well as related obligation and exercise rights. As a reminder, the financing has been split across several tranches, of which Pharnext has drawn down the first tranche worth €10.7m. In exchange, the company has issued c two billion warrants to Neovacs to purchase shares in Pharnext. The agreement caps any sale of the Pharnext shares by the trust to 15% of the daily traded volumes (30% in case of specific events).Den vollständigen Artikel lesen ...
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